NEM (XEM) was probably the worst performing crypto in February. That’s after the Coincheck hack, where more than $500 million worth of NEM were stolen. The reason XEM fell so hard was that investors feared the stolen coins would be dumped in the market, and plunge the value of this crypto. But this sell-off seems to have subsided, after Coincheck recently announced that it would be repaying all investors that lost NEM coins during that hack.
There is also the possibility that the dump is already factored in the recent price drop. This has emerged after the NEM team announced that they would stop tracking the lost coins. While they have not offered much of an explanation for this decision, there is some information that the lost NEM have already been exchanged for other cryptos in the dark web. This then sends the message that the worst is probably over for this crypto, which makes it highly undervalued at current prices. That’s considering that it is one of the most fundamentally sound cryptocurrencies in the market.
Yes, NEM (XEM) is one of the best when it comes to smart contracts! Take for instance, the fact that it has one of the lowest transaction costs in the smart contract space. This alone gives it a significant edge over other smart contract platforms such as Ethereum. That’s because low transaction costs are critical for the growth of decentralized applications. Now picture how attractive a platform that solves this problem is, when it’s valued at less than a dollar!
On top of its fundamentals, XEM is widely accepted in Japan, one of the biggest crypto markets in the world. In fact, NEM’s massive adoption in Japan was the reason why it rose significantly in the first place. The only reason demand slowed down was the Coincheck hack, and of course, the recent dip in the entire crypto market. Now that this issue is fully resolved, and the whole market is on the rise, you can expect the Japanese to keep pushing up the value of this coin.
But the biggest boost to NEM’s value will come from its recent listing on Binance. Binance is one of the largest and most liquid crypto exchanges on the planet. As such, an addition of a crypto on this exchange is a big deal. In the case of NEM, this addition could not have come at a better time. It has come at a time when Coincheck has confirmed payments for all hacked accounts, and the announcement by the NEM team that they were no longer tracking the lost coins. This listing coupled with the Coincheck news is guaranteed to push up the value of this coin by a significant margin in coming weeks. NEM (XEM)trading volumes are already on the rise, and are likely to push the price of this coin significantly.
A valuation of $1 in the near-term is an attainable target. In the long-term, NEM, could easily take over the Dapps market, and that could push its value higher.