• NEM posted an 86% upswing on the daily candle to hit a price of $0.0772 — a level not seen since May 2022.
• 24-hour volume data currently comes in at $321.42 million — marking an over 3,000% increase over the previous day.
• No new fundamental developments have been noted and the company’s Twitter account has been inactive since Christmas Eve.
NEM Jumps to 42 Week High
NEM experienced a dramatic surge in its token price recently, hitting a 42 week high of $0.0772 off the back of spiking volume. This marks an 86% increase compared to the previous day and is the highest point seen since May 2022.
Surge in Volume
The surge was accompanied by a 3,000% increase in 24-hour trading volume, currently standing at $321.42 million – making it one of the most active days for NEM this year. Despite some initial bearish pressure pulling prices back down to $0.0694, most of these gains remain intact at present time.
YTD Performance
Since January this year, NEM’s performance has been outstanding with 171% YTD gains – far surpassing market leader Bitcoin which only managed 43%. This puts NEM significantly higher than its all-time peak value of $1.87 set back in 2018 when it was ranking seventh in terms of market cap rankings (currently 82nd).
Project Inactivity
It appears that no new fundamental developments were made prior to this surge as there has been no activity from NEM’s Twitter account since Christmas Eve last year or even July 15th, 2022 before that when comments were disabled on their post at that time.
Conclusion
This sudden rise in token prices is surprising given its lack of activity and general fading into obscurity throughout 2021 so far – but with volumes increasing and prices holding steady it may suggest that investors are willing to bet on the success of this project once again despite recent uncertainty surrounding it overall outlook going forward.
