NEM (XEM) Recovers From Downfall Amid Bankruptcy Rumors

2019 started extremely negatively for the NEM Foundation — the announced restructuring, the appeal to the community and bankruptcy rumors struck the XEM coin severely. The coin’s price declined significantly under the bearish pressure: more than 17% from the initial price during the last week. Now it seems that a period of correction has started since the coin has grown by more than 10% in the previous 24 hours. Currently, it shows good results against the background of a whole bearish mood on the crypto market.

Analysts believe that the coin’s price surged after the announcement that the NEM Foundation has issued a funding proposal. This document governs the financing and restructuring of the project for the current year. At the time of publication, XEM was estimated at $0.038 with a market capitalization of $342 mln. The 24h trading volume reached more than $17 mln.

As Bitnewstoday wrote earlier, the NEM Foundation plans to rebuild the operating structure completely and to re-establish their activity with a new strategy, focusing on the product. The only mission of the new leadership is to develop the NEM Foundation in order to serve and support the community.

Image courtesy of Smartereum