Hello there! Thanks for stopping by. This article has been prepared to give you all the information you need to know about NEM price prediction.
In the article, you will learn: what NEM is, a bit about NEM as an investment so far, some short-term price predictions, some long-term price predictions, and my own opinion on whether NEM is a good investment.
Hopefully, by the end of the article, you’ll know all about the 23rd largest cryptocurrency by market cap, as well as how to treat the various price predictions you will encounter whilst researching digital currencies.
We have a lot to cover today. So, let’s begin already!
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Table of Contents
What Is NEM?
NEM is a cryptocurrency and crypto platform that was launched in March of 2015 in Malaysia. It was originally intended that it would be a fork of the other cryptocurrency NXT. However, after thinking hard about it, the team decided to create their own codebase instead. This means NEM is completely unique.
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Source: medium
NEM stands for the New Economy Movement. Like Ethereum, Waves, and NEO, NEM is both a cryptocurrency and a platform for building applications on top of. It is built using Java programming language and is currently also being developed in the C++ language. This will be released in an upgrade at some point in 2018 known as “Catapult”.
Like many cryptocurrency projects, NEM is a project with some rather large goals. It’s not just a means of payment, in fact, its properties as a currency are probably rather low on the NEM team’s list of priorities.
As well as having implications for global finance, the NEM team believe that it can revolutionize the following areas among others: crowdfunding, loans, legal records, health records, game data, royalties, smart contracts, supply chains, accounting, ownership records, and allow for the launch of ICOs.
Source: coinmarketcap
Has NEM Been a Good Investment So Far?
So, that’s what NEM is all about. Now, I can get on to the focus of this article – is NEM a good investment?
NEM was a sleeping giant for a long time, trading below 1c from the day it was launched in 2015, right up until March 2017. For most of this period, a single NEM coin cost less than a fifth of a cent. During the spring of 2017, many crypto projects took off and experienced huge growth in their market caps, NEM did the same.
During the epic bull run of all cryptos at the end of 2017 and the beginning of 2018, NEM even got above the $2 mark. If you managed to buy it in its sleeping giant period and sell right at the top, of course, NEM was an incredible investment.
Suppose I was lucky enough to buy $100 worth of NEM coin back in January of 2016. My investment would have bought me around 588,235 NEM coins. If I was the luckiest person ever and called the exact top of NEM’s rise, I would have sold when each coin was worth $2.04. I would have cashed out a grand total of around $1,200,000. Not bad for a $100 investment, eh?
Of course, this could have worked the other way too. If I used $1,200,000 to invest in NEM right at the high point ($2.04). Well, the following months up to this point would have been awful watching my money decrease. If I sold all my NEM coins today at 31c, I would only be able to cash out around $182,352.
That said, in a very basic sense, you can argue that NEM has been a good investment. Even though it’s down from its all-time high point, it is hugely up from the price that it launched at.
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NEM Price Prediction 2023
Now, let's look at a few NEM price predictions. I’ve collected information from several different sources. However, most of them nothing more than just a number, a few graphs and the words “NEM price prediction” a lot of the time.
The first source we have is from a website called “Wallet Investor”. This is a classic example of a website that gives no reasoning to its content whatsoever, so it's hard to know how they came up with this estimate. Wallet Investor gives a “one-year forecast” from exactly the day that the page is visited.
It doesn’t bother to explain what NEM is, or to use its timeline for development to justify its prices. It does have a lot of graphs though, but they aren’t explained at all.
The “one-year forecast” it does provide is that NEM is likely to crash towards the end of 2023.
Source: walletinvestor
The next source I used to find NEM price coin predictions is called “Trading Beasts”. Again, with absolutely no reasoning behind it, the numbers given for the price of a NEM coin at the end of 2023 will be between $0.25 and $0.36, and an average of $0.29. Quite amazing really, considering that the low could easily be $0.00 and there is pretty much no limit to the amount of upside potential.
Finally, in our short-term NEM price predictions, we can look at a website called “Long Forecast”. Again, with absolutely zero reasoning, the predictions for NEM prices are almost the same as provided by the previous two sources.
I do not want you to invest money into a project based on what a website has projected its price to be in the future. If there was valid reasoning behind these NEM price predictions, I would speak more positively about them.
NEM Price Predictions Long-Term
Now, let's move on to long-term price predictions for NEM. Like the end of 2023 predictions, these seem to be based on very little. However, a couple has attempted some form of justification. I still wouldn’t refer to these commentators as experts, however. It has proven quite difficult to find predictions from reputable sources.
First, I’ll look at the “Wallet Investor” again. Like their 2023 call, their NEM price prediction for five years’ time is a bullish $0.3. Also, like their 2023 prediction, it seems to be based on literally nothing.
Next, I’ll revisit our friends at “Trading Beasts”. This time, their NEM price prediction is between $0.32 and 0.47 by the end of 2024. I think you can probably guess the level of analysis that they posted with these figures. That’s right! Absolutely none!
Finally, before looking at some NEM price prediction with slightly more substance, we can look at “Long Forecast” again. This time, they’ve turned bullish! Not quite as optimistic as the other two but they believe that the price of a single NEM coin will be between $0.11 and $0.14 by the end of 2024.
Blockchain.wtf Forecast
The next NEM coin price prediction website I’ll show you actually have some reasoning with it. It might not be the greatest analysis ever but it comes from a page called “Blockchain.wtf”. This author has clearly tried to find an “expert” on the matter.
He’s decided to quote a guy called Adam Web who writes for the website Smartereum. This writer has clearly written a lot of news about cryptocurrency and this has given him some sort of authority to provide a NEM coin price prediction. Adam Web believes that in five years a single NEM will be worth “around $1.65”. Thanks, Adam!
A different author at Smartereum also supports Web’s NEM price prediction of $1.65.
Palwash Saaim
Now, the closest thing to an expert on the matter I could find is Palwasha Saaim. She posted a NEM coin price prediction to a website called “Profit Confidential”. I did some research and found out that Saaim actually has some credentials in the world of finance.
According to her LinkedIn account, Saaim is an Investments Analyst who also writes for the Lombardi Media Corporation. Sounds promising so far, right?
Saaim has written quite a decent sized article about NEM price prediction. She talks about the hack of a crypto exchange in which over 500 million NEM were stolen as having a downward effect on the price. Saaim also mentions the Japanese government’s response to the hack and the finding of some of the lost coins as a potential positive that could prompt upwards price movement.
She talks about the competition that NEM faces from the likes of Ethereum too. Finally, she makes a cautious call that if NEM can get listed on the Binance exchange platform and maybe launch their own exchange as planned, the price may return to the happy side of $1. Finally, something of a measured opinion!
No McAfee NEM Price Prediction?!
Strangely enough, missing from the NEM price prediction list was the famous John McAfee. John usually has something to say about many projects in the cryptocurrency space.
It’s usually following a wildly successful initial coin offering, in which the team behind the project in question has raised some insane amount of cash. He charges heavily for his Tweets though, so I guess the team behind NEM mustn’t have wanted to pay his $100,000 fee for a quick price pump!
Is NEM a Good Investment?
After all the bad mouthing of the analysis that goes on in cryptocurrency I’ve done, you’re probably expecting my answer to the question “is NEM a good investment” to be a strong “no”. However, that isn’t the case.
Like all cryptocurrency investments, the first thing you must understand is that NEM is a very high risk, very high reward investment. That means there is a chance you could retire early by putting a few hundred dollars into NEM. However, this isn’t a big chance.
Before I talk about what gives NEM the almost limitless upside potential that it does have, there’s another warning coming. If you want to invest in any cryptocurrency, you must only invest money that will have no impact on the quality of your life if it vanishes. You must invest with the acceptance that your money could disappear tomorrow.
All that said, NEM has a lot of positives going for it. If it achieves what it sets out to achieve, it could easily outperform its rival crypto asset Ethereum. If it achieved the same market cap as Ethereum (which also hasn’t achieved what it set out to achieve yet), each NEM will be worth around $7.55. This would make it an exceptionally good investment.
If NEM manages to disrupt the number of industries I listed earlier, the market cap could potentially be many trillions of dollars. This would make each NEM coin much more valuable than it is today, and the entire market cap would be many times that of the entire cryptocurrency space today.
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Conclusion
So, that’s it. That’s my guide to NEM price predictions. Sorry if it wasn’t exactly what you were expecting. Sure, I could have pulled a lot of numbers out of thin air and fed them to you but what’s the point in that? You don’t learn anything from that and will leave this article ready to put your life savings into an asset that could ruin you. I don’t want that.
As usual with our cryptocurrency price prediction articles, we’re talking about very high risk, very high reward investments. For that reason, it’s better, to be honest with you.
With such investments, there are loads of things that could go wrong. These include:
- Regulation – could NEM be classed as illegal security and its price drop close to zero?
- Technological – can the team deliver what they set out to without a better technology being launched in the meantime?
- Competition – will another crypto platform take the market that NEM is trying for?
As mentioned in the article above, predicting the price of such an asset is problematic. You should be wary of people claiming to know exactly what price a cryptocurrency will reach. However, that doesn’t mean you shouldn’t invest in NEM.
If you do decide to invest, don’t risk more than you can afford to lose and be sure that your life will not be affected if the project fails for some reason and your investment goes to zero.
With all that in mind, what do you think NEM’s chances of becoming the backbone of a future economy and society are? Is NEM a good investment? We’d love to know your thoughts!
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
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