Another crypto project from the pool of “forgotten coins”: NEM (XEM)

It’s been a while since we saw NEM move upwards with intent which, truth be told, has been the case with the entire market. Ever since July 3rd when the cryptocurrency peaked at $0.206134/3188 satoshi, it has been a slow but bloody journey for it. July was closed off with $0.1622/2100 satoshi and August brought no improvements to the overall pattern.

One NEM is currently worth $0.097584 USD (4.82% drop in the last 24 hours)/1514 satoshi (2.86% drop in the last 24 hours). Currency isn’t exactly the trader’s darling as it recorded 1,429 BTC of daily trade volume. With a market cap of $876,260,440, NEM holds the 17th spot of the coinmarketcap’s list of most valuable cryptocurrencies.

[vcw-full-card symbol=”XEM” color=”black” currency1=”USD” currency2=”BTC” currency3=”ETH” url=”” target=”_self”]

The analysis was provided by sumastardon from TradingView:

“NEM 0.81% is another coin being marched down a slow road to oblivion.

Once 15 is broken it should fall away to 12 and then 9.

Continue to sell rallies back to the upper dynamic and/or the break.

Below 15 when it comes. 48/7 36/5 25/4 18/15 12/9”

NEM had a couple of decent updates for its fans and holders in the last couple of weeks. We saw the currency ranked on the Chinese government-approved cryptocurrency rating index called CCID. Out of 33 rated projects, NEM came last with the lowest score in overall technology, applicability and innovation.

Interestingly enough, the coin received a 1.9 out of 100 in the “innovation” section, implying that the Chinese don’t see this currency as groundbreaking, to say the least. Still the list is populated with some impressive projects and NEM should be proud they managed to break into such company.

Several companies including LuxTag, CopyrightBank, Pundi X and ReadyPlayGo have decided to connect their projects to the NEM blockchain. This means that the technology has already been tried and tested. Even so, NEM announced an incoming NEM Beta 0.6.96 release, which will deliver several new bug fixes whose details will be released soon. The fact that the software is still in beta didn’t stop the Ukrainian Central Electoral Commission from cooperating with NEM on a blockchain voting pilot. The pilot operated on 28 NEM-based nodes and the Commission was apparently “pleased” with the results. They calculated that the costs of installing blockchain voting stations would cost $1227 per station, but several sources confirmed that this would be a small price to pay for immutable vote data protection. NEM Foundation also signed a MoU with Foundation X meant to encourage blockchain development in South Korea. This partnership came right after another south Korean one (Incublock); both partnerships should help make the people of South Korea more familiar with NEM and cryptocurrency in general.

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NEM also confirmed that they will be partnering up with Lufthansa and Microsoft on a Unibright (a unified framework for blockchain-based business integration) based blockchain solution designed for tech giants, consultant companies, blockchain companies and various other enterprises. Marten Jung, CEO from Unibright, claims:

“Nowadays most companies have a strong interest in Blockchain technology, but struggle to use it. That is why we created the Unibright framework. It’s an easy-to-use, non-techie approach for companies to integrate state-of-the-art blockchain technology into existing business and IT system landscapes.”

NEM became a partner of Unibright this August and will likely work on their future blockchain solutions for businesses, perhaps even serving as the underlying platform on which the solutions will be built. That would allow these solutions to communicate with each other easily, bridging the various industries and enterprises on a level never seen before.

The team behind NEM maintains a bi-weekly update blog, which has missed on delivering the latest update planned for August 20th. The one from August 8th had several highlights, including:

  • NEM has partnered with Two4one App to help in blockchain implementation in Africa
  • NEM Blockchain Hub in Australia has been launched in Fortitude Valley, Brisbane
  • Julian Brown and Laura Perez have recently joined the team as the NEM Blockchain Hub representatives in Westport, New Zealand
  • Meetup was held in São Paulo where it was announced NEM are working together with the Blockchain Academy of Brazil
  • NEM China hosted several meet-ups, as well as NEM Chile
  • NEM EU team announced the NEMsp Network has brought on new partner Netcetera, a leading Swiss software company
  • NEM team became a member of the FinTech Association of Hong Kong (FTAHK)…

You can check out the complete list of achievements on this link. Overall, the project seems mostly engaged in promotions, meet-ups and partnership making. Clearly the only thing separating it from positive price action is Bitcoin and adoption. Once both of these are sorted out, expect NEM to start recovering.

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