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NEM Token (XEM): Everything you Wanted to Know as a Beginner before Investing!

NEM token (XEM) is one of the most popular cryptocurrencies in the crypto market currently. In terms of market cap, it is currently the 80th largest digital currency (over US$1.74 billion in market capitalizations). Should you invest in it? Is it a good investment? To answer all your queries, let me walk you through the NEM coin, how it works, and many more.

What is the NEM Token (XEM)? How does it Work?

NEM stands for New Economy Movement. It is an ecosystem of platforms that provides solutions to both businesses and individuals by using blockchain technology and cryptography. NEM’s NIS1 public blockchain’s native cryptocurrency is XEM. 

The NIS1 public blockchain works very similarly to Bitcoin (BTC). It comes with a distributed independent nodes’ network, which processes and also records transactions of a distributed public ledger (DLT) known as blockchain. When a node contributes its computing resources as well as time, it gets rewarded. Though transaction fee rewards, they remain incorruptible. XEM tokens are used to reward the nodes once they manage the process of adding a new block of transactions to the blockchain end. 

There are many unique features associated with NIS1’s blockchain, which makes it different from Bitcoin and many other cryptos. Though NEM, the alpha version of NIS1, was launched on June 25, 2014, the mainnet was launched on March 31, 2015. 

This protocol was mainly developed by 3 developers, who are known by their pseudonyms on the forum as Jaguar0625, BloodyRookie, and gimre. Since its inception, this platform has grown from a 3 programmer project to an ecosystem that includes several platforms. 

The NEM Group manages the overall development and promotion. This group is the parent company that has been designed to support the NEM ecosystem’s growth that led to Symbol’s (NEM 2.0) launch and way beyond that. 

There are 3 separate entities in the NEM Group and they are:

  • NEM Software: It focuses on the product and business development
  • NEM Trading: It focuses on all kinds of finances, which includes:
  • Liquidity management
  • Exchange support
  • Token lending
  • NEM Ventures: It is the venture capital and investment arm of NEM Group that mainly focuses on strategic partnerships.

XEM is a decentralized open-source cryptocurrency, which comes with multiple features. The most important feature is definitely the high security of NIS1 blockchain, which is secured by its own proof of importance (PoI) algorithm and consensus mechanism instead of the proof of stake algo. The PoI consensus algo ensures that the transactions are processed as well as recorded in a timely and honest way. 

As per the proofofimportance POI protocol, anyone can use the delegated harvesting process for running a node on the NIS1 network and in turn, facilitate transactions. This system approximates the importance of a node in the NEM’s economy by checking some factors such as:

  • How many coins (amounts of coins) does a node hold?
  • How often transactions are made on the network by the node?

An importance score is approximated on the basis of the above-mentioned parameters. Fees from the transactions the nodes have helped to process are received by the nodes on the basis of this importance score. As per the claims of NEM, the network is capable of identifying and rewarding those (thanks to the proof-of-importance system) that use it most in reality. 

Many other features are also supported by NIS1 in addition to its unique PoI algorithm and they are:

  • Multisignature account contracts
  • Encrypted messaging
  • Eigentrust++ reputation system
  • Apostille service to notarize and check the authenticity of files on blockchain

Enterprise-level solutions are yet another important market for NIS1. The developers are allowed by NEM through a purpose-built API system for integrating its blockchain infrastructure into 3rd party apps.

NEM token (XEM): Facts & Figures

All these facts and figures (as of November 15, 2021) will help you to make a decision on investing in the NEM token. Before making NEM coin transactions, check out these facts and figures associated with this cryptocurrency of choice:

  • NEM XEM Price: US$0.1931 (Current NEM Prices)
  • 24hour Trading Volume (24h Volume): US$90,357,700
  • All-Time High (ATH) Price: US$2.09 (reached on Jan 04, 2018)
  • All Time Low (ATL) Price: US$0.0000793 (reached on Sep 15, 2015)
  • 24h Low: US$0.1886
  • 7d Low: US$0.1767
  • 30d Low: US$0.1464
  • 90d Low: US$0.1336
  • 52 Week Low: US$0.0857
  • YTD (Year-To-Date) Return: -12.01% YTD (Year-To-Date)
  • Market Cap: US$1,736,866,039 (US$ 1.74 billion)
  • Crypto Rank (in terms of market cap): 80th in the crypto market
  • Fully Diluted Market Cap: US$1,739,785,033
  • Max Supply: 8,999,999,999
  • Total Supply: 8,999,999,999
  • Circulating Supply: 9.00B XEM (100%)

These are the facts that made the NEM coin a preferred medium of exchange. Always check out market data, key metrics, comparison tools, and technical price analysis, top cryptocurrency price, and cryptocurrency news before trading or investing. Also, consult crypto financial advisors and get tips from them on trending coins, know the ways of buying cryptocurrencies, and how to earn crypto easily. 

NEM Token Price Prediction

  • According to Wallet Investor, the average price of XEM is going to reach around:
  • US$1.40 by 2026

  • According to Digital Coin Price, the average price of XEM is going to reach:
  • US$1.17 by 2026

  • According to Coin Price Forecast, the average price of XEM is going to reach:
  • US$0.52 by 2021-end

  • According to Trading Beasts, the maximum price of XEM is going to reach:
  • Up to US$0.63 by 2021-end

  • According to GOV Capital, the average price of XEM is going to reach:
  • US$0.47 by 2021-end
  • US$1.6 by 2025

Where can you Buy NEM tokens?

You can buy NEM coins in almost all reputed cryptocurrency exchanges including:

  • Zaif
  • Binance
  • OKEx
  • HitBTC, and many more.

You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange. 

The most popular price pairs of XEM are:

  • XEM/KRW 
  • XEM/JPY, and many more.

Before investing, check out historical data of token NEM, crypto news, NEM token price charts, price performance, market updates, XEM to USD (United States Dollar) exchange rate, the value of NEM coin, trading fees, and others.

What are the Best Crypto Wallets to Store NEM Coins?

The best NEM token cryptocurrency wallets to store XEM coins are:

  1. Atomic Wallet
  2. NEM NanoWallet
  3. NEM Mobile Wallet
  4. NCC (NEM Community Client)
  5. Guarda Wallet
  6. Freewallet
  7. Trezor cold wallet

Invest in NEM token and Other Cryptocurrencies

You can buy and sell NEM and other virtual currencies against various fiat currencies (US Dollar USD, British Pound Sterling, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Taiwan Dollar, Russian Ruble, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs or mobile app, and NEM token markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility. 

If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit. 

You can also diversify your crypto coin portfolio by including other digital assets such as NEM, XMR, FIL, ETC, WBTC, BCH, BTC ETH, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Gold (also called Bit Gold), Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Shiba Inu SHIB, Binance Coin, Dogecoin price, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, and others. 

Invest in cryptocurrencies, various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return. You can also increase your income through yield farming, using NEMegram bots and other automated trading bots, and many more.

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NapBots provides you various indices that include a basket of tokens with high market capitalization and are categorized by theme (such as Solana, NFT, DeFi, and others). This platform introduces an intuitive interface as well as advanced allocation tools for enabling new investors to create and manage advanced crypto indices easily.

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