NEM jumps to a 42 week high – reasons unknown

NEM posted an 86% upswing on the daily candle to hit a price of $0.0772 — a level not seen since May 2022.

The 30-minute chart below shows buyers came in around noon GMT to send XEM significantly higher. 24-hour volume data currently comes in at $321.42 million — marking an over 3,000% increase over the previous day.

Bears have since stepped in, knocking the token’s price back down to $0.0694. But the majority of the gains remain intact at press time.

Year-to-date (YTD) gains come in at 171%, equating to outperformance versus market leader Bitcoin — which has gained 43% since the start of the year.

What is happening with NEM?

No new fundamental developments have been noted. The company’s Twitter account has not posted since Christmas Eve and prior to that previous posting on July 15, 2022. Incidentally, comments were switched off on the July 15th, 2022, post.

Having achieved an all-time high of $1.87 in January 2018, NEM was — at that time — a significant project placing seventh in the market cap rankings.

However, the project has since faded into obscurity and currently places 82nd.