When was XEM coin issued?

NEM's native cryptocurrency, XEM, was first issued through an initial coin offering (ICO) in early 2015, raising over $4.7 million.

Nov 27, 2024 at 02:03 am

When Was XEM Coin Issued?

1. Overview of NEM and XEM

NEM (New Economy Movement) is a blockchain platform that was launched in March 2015 by a Japanese company called Tech Bureau Ltd. NEM's native cryptocurrency, XEM, is used to power transactions on the network and to pay for fees associated with using its features. XEM is designed to be used as a means of exchange, a store of value, and a unit of account.

2. Initial Coin Offering (ICO)

XEM coins were first issued through an initial coin offering (ICO) that took place from January to April 2015. During the ICO, NEM sold a total of 9,999,999 XEM tokens to raise funds for the development and launch of the NEM platform. The ICO raised over 4.7 million US dollars, making it one of the most successful ICOs of its time.

3. Launch of the NEM Mainnet

The NEM mainnet was officially launched on March 31, 2015. This marked the beginning of the NEM blockchain and the XEM cryptocurrency. Since its launch, the NEM platform has undergone several major upgrades, including the introduction of new features and improvements to its security and scalability.

4. Evolution of XEM's Use Cases

Initially, XEM was primarily used as a means of payment for transactions on the NEM blockchain. However, over time, XEM's use cases have expanded to include:

• Store of value: XEM is often held as a long-term investment due to its limited supply and potential for appreciation in value.
• Unit of account: XEM is used to denominate the value of goods and services within the NEM ecosystem.
• Governance: XEM holders can participate in the governance of the NEM platform through the Proof-of-Importance (POI) consensus mechanism.

5. XEM's Market Performance

Since its launch, XEM has experienced significant price fluctuations. Its highest price was reached in January 2018, when it hit an all-time high of $1.85. However, like many other cryptocurrencies, XEM's price has been volatile and has since fluctuated between $0.10 and $0.25.

6. Factors Influencing XEM's Price

The price of XEM is influenced by a number of factors, including:

• Demand and supply: The supply of XEM is limited, and its price is affected by the demand for it on the market.
• Market sentiment: The overall sentiment towards cryptocurrencies in general can impact the price of XEM.
• Competition: XEM faces competition from other cryptocurrencies, such as Bitcoin and Ethereum.
• Regulatory developments: Regulations governing cryptocurrencies can impact the price of XEM.