NEM Suffers A Classic Pump And Dump. Worth Buying the Dip Today?

Updated: 13 July 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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NEM, the world’s first non-turing complete chain to feature user-defined tokens, has gone through a significant pump and dump recently.

After going up by a massive 35% rise a day earlier, it has dropped by 26%. Is the current dip the right time to buy this cryptocurrency?

NEM Dumps After Experiencing Double-Digit Increase

The crypto community was elated by the performance of NEM when it went up by 35%.

The token’s performance led to many on CoinMarketCap through bullish signals for this crypto asset.

However, the bears took over the next day at a value of 26%. That caused many of its early supporters to turn tail and through bearish signals.

The weekly chart shows that NEM was consolidating around the $0.029 mark for a long time. Upon going further back, we found that the token has been trending around the same since last month.

Why the Price Jump?

NEM hasn’t been very active on Twitter recently. Recent posts have shown it discussing some of the technical glitches that the network has suffered, with no retweets or engagement.

You might notice some missing repositories at https://t.co/uPtw1LZY1o – but, don't panic! In order to improve our developer efficiency and release management processes, we've consolidated almost all of our repositories into two monorepos: /nem, and /miscellaneous.

— NEM (@nemofficial) April 21, 2023

That indicates NEM’s recent rise may be a simple pump-and-dump scheme – and it won’t be for the first time.

According to Crypto Slate, NEM experienced an 86% upswing on February 27. The candlestick chart showed that the token went up by over 3,000% from the previous day.

And, like now, the reason was unknown.

There have been no fundamental developments in the ecosystem. And the lack of engagement for this utility crypto shows that there are no worthy developments going on.

We also went on to Lunarcrush to check on this token’s social media performance and found that even crypto inducers like @AltCryptoGems have not received much engagement upon tweeting about NEM.

NEM Price Analysis

NEM opened in July 2023 at $0.027 before moving up by 11% to peak at $0.003. That surge was followed by a dumping spree that continued till 8th July 2023.

What followed was a long-legged doji pattern that indicated the indecisiveness around this token among the crypto buyers. And then, a red candle later, the token formed 2 green candles, with the second one pumping the value of NEM.

Many on CoinMarketcap called that it would retrace, hoisting bearish flags in the community interactions space. That prediction came to pass, and the token did drop by a massive 26%.

The token’s current RSI puts the community’s sentiment towards it being indecisive. However, the MACD histogram is negative, indicating bearish sentiment toward this asset.

Under this circumstance, NEM is not a good cryptocurrency investment.

Wall Street Memes is Better Alternative

The pump and dump of even well-established crypto assets at a time when people are hungering for the next PEPE and the best bull cycle to start is common. That is why it is critical that investors pay close attention to assets that have better, higher upsides in the long term.

One of the better options in this regard is Wall Street Memes. Available as a presale, this community-centric token has captured people’s imagination with its honesty and reference to memes.

I don't care what you say, that thing is not real! pic.twitter.com/VrOhodBblS

— Wall Street Memes (@wallstmemes) July 12, 2023

Inspired by the Reddit group Wall Street Bets, this crypto asset has carved a unique identity in the blockchain space with its thriving community, which has accumulated over 1 million members, humorous interactions, and self-awareness about the current state of the crypto market.

Not advertising any utility but fully committed to community-centricity, this token has successfully raised more than $14 million in its presale round.

Many crypto Youtubers have cited the community power of this token to give it a potential to go 10x after the conclusion of its presale.

The presale’s current pace indicates that a limited window remains for participating in this asset. Interested parties must pay attention and visit wallstmemes.com to participate.

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