NEM [XEM] surges by over 8% as the foundation releases funding proposal

The cryptocurrency market has been stuck by the bear attack, but few coins are still managing to perform well. NEM [XEM] is one of the coins, which is striving to better itself as the market sentiment shows strong support. The coin has surged by over 8% in the past 24 hours after being mulled by the bears.

Source: CoinMarketCap

At the time of press, XEM was valued at $0.0374, with a market cap of $337 million. The coin registered a 24-hour trading volume of $13.8 million while noting a growth of 8.20% over the past day. The coin saw a sudden jump in its value on February 7 as the announcement of NEM foundation releasing its funding proposal was made. This news resulted in the price of the coin pumping, and the coin which was falling by 17.25% over the week, saw strong growth of 1.61% within an hour.

Source: Trading view

The coin immediately corrected itself as a sharp fall was visible in its value. The coin recorded the highest trading volume on Exrates, with a volume of $2.7 million on the XEM/BTC pair. Binance recorded the second-highest trading volume of $1.5 million with the XEM/BTC pair, followed by Kryptono, which registered a volume of $1.2 million with the XEM/ETH pair.

The funding proposal released by the NEM foundation is to fund and restructure its plan for this year. The foundation plans a total rebuilt of its operating structure, which is important due to its rough start where there were bankruptcy rumors against the foundation and the contentious exit of its President Lon Wong.

The foundation is trying to rebuild itself from scratch and their only mission is to establish a renewed focus under the new leadership and create a foundation that exists to serve and support its community.

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