The NEM price jumped to record highs on Friday, allowing cryptocurrency to sneak into the 10th place on the market. market capitalization rankings.
NEM Price Climbs on WeChat Wallet News
Earlier today, NEM announced the launch of a mini mobile wallet program for WeChat, China's most popular email application, later this month. According to Inside NEM, an unofficial source of information for the project, the NEM micro-application will be the first cryptocurrency wallet developed specifically for WeChat, although NCC has not been able to verify this claim independently.
The price of the NEM jumped more than 35% in response to news, extending up to $ 0.359 at the top of the rally. This brought the price of the NEM to about one cent above its previous level, set on August 31st. Currently, the NEM price is trading at $ 0.332, which translates into a market capitalization of $ 2.9 billion. Significantly, this movement allowed NEM to slip into the top 10 charts of market capitalization, where it currently holds a minor advantage on the cardano ranked 11th.
NEM is known for its low trading volume relative to its market capitalization, and this has not changed during Friday's rally. In the past 24 hours, the exchanges have only processed $ 56 million worth of XEM transactions, with most of this volume concentrated in BTC transaction pairs.
Proceed with caution
As exciting as is the announcement of WeChat, investors should be cautious as it is possible for the bulls to get ahead of themselves. Several messages on social media have characterized the announcement as a partnership between NEM and the Chinese technology conglomerate Tencent, the developer of WeChat. This statement is categorically wrong.
It is unclear to what extent investors engage in this misinformation, but given the small trading volume of NEM, it would not be surprising that cryptocurrency has been corrected once traders have made a mistake. .