NEM is a cryptocurrency which was launched in 2015. It is written in Java and uses the Catapult blockchain software which was recently adopted by the company. It has units of XEM. NEM has seen huge spikes in its price in recent times when the market was down.
NEM – An Unexpected Leader In Growth
NEM witnessed a 55% growth in its price and peaked at US $0.10 at one time. It had the biggest growth among the Cryptos and was seen as the unlikely currency growing at the time of despair. While it was growing, the Crypto market was witnessing a downfall in its price. Major cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others took a dip and the market was down.
Potential Reasons For Unlikely Growth
NEM used to operate with the Mijin blockchain software. Mijin blockchain is a software which was tested predominantly in Japan and other countries worldwide. This software had to be removed due to hacking which took US $530 worth of XEM from the website. While this wasn’t a major incident, but NEM was quick to act fast and launch its new software Catapult, which it had in the making. This software was announced on Twitter and it gained massive traction and this software was adopted for more security.
Also, an announcement of the development of a Mobile Wallet was done and users could track its development process through Twitter which provided a link to the website. While riding heavily on the success of Catapult, NEM capped over $809 million and it was traded at $0.10 which is a peak since the start of the year. Now it has relatively slowed down and the price has got down to approximately $0.08.