The NEM value leaped to an all-time excessive on Friday, enabling the cryptocurrency to sneak again into the 10th spot out there cap rankings.
NEM Price Surges on WeChat Wallet News
Earlier immediately, NEM introduced that it’ll launch a cell pockets mini-program for WeChat, China’s hottest messaging app, later this month. According to Inside NEM, an unofficial information supply for the undertaking, the NEM micro-app would be the first cryptocurrency pockets developed particularly for WeChat, though CCN was unable to independently confirm this declare.
The NEM value leaped greater than 35 % in response to the information, extending as excessive as $0.359 on the peak of the rally. This introduced the NEM value roughly one cent above its earlier high-water mark, which it set on August 31. At current, the NEM value is buying and selling at $0.332, which interprets right into a $2.9 billion market cap. Significantly, this motion enabled NEM to creep again into the highest 10 available on the market cap charts, the place it at present holds a minor edge on 11th-ranked cardano.
NEM is infamous for its skinny buying and selling quantity relative to its market cap, and that didn’t change throughout Friday’s rally. Over the previous 24 hours, exchanges have processed simply $56 million value of XEM trades, with most of that quantity concentrated in BTC buying and selling pairs.
Proceed With Caution
As thrilling because the WeChat announcement is, buyers ought to proceed with warning as a result of it’s attainable the bulls are getting forward of themselves. Multiple posts on social media have characterised the announcement as a partnership between NEM and Chinese tech conglomerate Tencent, the developer of WeChat. This declare is categorically false.
It is unclear to what extent buyers are buying and selling on this misinformation, however, given NEM’s low buying and selling quantity, it could not be shocking if the cryptocurrency endured a correction as soon as merchants notice their error.
Last modified: May 20, 2020 9:17 PM UTC