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This year has been a tough sail for NEM since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of XEM.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for NEM to reclaim its all-time high in 2023? Continue with the article to learn about NEM price analysis and prediction by Coinpaper.
Read also: What are Ethereum killers? Five protocols that can potentially dethrone Ethereum
What is NEM?
NEM, which stands for the “New Economic Movement,” is an open-source platform that touts itself as a computation-efficient and low-entry mining-secured blockchain. It’s most distinguished features are user-defined tokens (called mosaics), naming service Namespaces, multisig accounts, and proof-of-importance consensus mechanism. Unlike Bitcoin and PoW Ethereum, PoI doesn’t require specialized mining hardware and is environmentally friendly, However, to start mining, or “harvesting” in NEM-speak, one should have a minimum of 10,000 vested XEM coins. XEM, the native token of the platform, is used to secure the network, pay for transaction fees, and incentivise harvesters.
NEM (XEM) price
Currently, NEM Price is USD. XEM has a circulating supply of coins and a total supply of . If you are looking to buy or sell NEM, Binance is currently the most active exchange.
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NEM price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish NEM 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see NEM price at $0.095 to $0.11. On the flip side, a fading interest in the new meme coin may push the price of NEM to $0.031-$0.025 lows.
NEM price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to NEM (XEM) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of NEM to climb as high as $0.17, with the more distant prospect of reaching $0.24 in 2024. The bearish scenario is likely to see NEM (XEM) trading between $0.084 and $0.065 in 2024.
NEM price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our NEM (XEM) price analysis and prediction is based on pure speculation and observation of NEM historical price movements.
Our NEM 2025 price forecast expects XEM to rally towards $0.45 and reach $0.68 by the end of the year. The bearish scenario would see NEM at $0.21 to $0.18.
NEM (XEM) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for NEM is neutral. In 2026, we expect NEM to reach at least $0.96 before climbing higher to $1.15. In case of a bearish scenario, NEM may fall to $0.74.
Is NEM (XEM) a good investment?
Whether XEM token is a good investment for your portfolio, depends on your risk profile and how much you intend to invest, among other factors. For now, it looks like there’s nothing big happening in the NEM ecosystem, plus the platform brings no unique ideas to the industry. If you decide that XEM suits your investment objectives, make sure you conduct a thorough research, read the whitepaper, and keep in touch with the community.
Bottom line
Are you ready to invest in NEM? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy XEM from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created NEM?
NEM is operated by a Singapore-based non-profit organization called the NEM Foundation.
What was the all-time high for NEM (XEM) ?
The all-time high price of NEM is $ on 2018-01-07
