At press time, NEM (XEM) tokens have surged by nearly 8% in the last 24 hours, making it one of the most significant gainers among the top twenty cryptocurrencies indexed by Coinmarketcap.
The latest growth mirrors NEM’s 15% weekly surge in early October 2018, illustrating once more how positive news could shoot up the price of an altcoin.
On February 5, the NEM foundation behind the XEM token released a funding proposal detailing the team’s aspirations for the year and how its community and partners could help the cause.
According to XEM’s funding proposal, the foundation is seeking a 210 million XEM investment (equivalent to $8 million). The new funds will be used to operate NEM Foundation from February 20, 2019 – February 20, 2020.
Additionally, it will help the foundation
- To implement a new structure
- To use an existing budget to clear unpaid invoices, employees contracts, miscellaneous expense and start afresh
- 64.05% reduction in last year’s budget spend and a 69% reduction in staff size.
The release of NEM’s funding proposal has apparently attracted crypto investors and traders to purchase more XEM tokens. As stated earlier, the coin has surged by nearly 8% with prices moving from $0.034 to $0.037 since the announcement.
Time will tell how long XEM will sustain its impressive market performance as well how the proposed funding could scale the project and potentially raise its market cap from the current value of $334.5 million.