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The NEM figure leaped to an all-time high on Friday, enabling the cryptocurrency to sneak in serious trouble into the 10th spot in the market cap rankings.
NEM Price Surges on WeChat Purse News
Earlier today, NEM announced that it will launch a ambulant wallet mini-program for WeChat, China’s most popular messaging app, later this month. According to Inside NEM, an off the record news source for the project, the NEM micro-app will be the first cryptocurrency billfold developed specifically for WeChat, although CCN was unable to independently verify this command.
The NEM price leaped more than 35 percent in response to the announcement, extending as high as $0.359 at the peak of the rally. This brought the NEM sacrifice roughly one cent above its previous high-water mark, which it set on August 31. At existent, the NEM price is trading at $0.332, which translates into a $2.9 billion sell cap. Significantly, this movement enabled NEM to creep back into the top 10 on the furnish cap charts, where it currently holds a minor edge on 11th-ranked cardano.
NEM is notorious for its thin trading volume corresponding to to its market cap, and that did not change during Friday’s rally. Over the heretofore 24 hours, exchanges have processed just $56 million quality of XEM trades, with most of that volume concentrated in BTC trading twins.
Proceed With Caution
As exciting as the WeChat advertisement is, investors should proceed with caution because it’s possible the bulls are age ahead of themselves. Multiple posts on social media have delineated the announcement as a partnership between NEM and Chinese tech conglomerate Tencent, the developer of WeChat. This rights is categorically false.
It is unclear to what extent investors are trading on this false trail, but, given NEM’s low trading volume, it would not be surprising if the cryptocurrency endured a emendation once traders realize their error.