NEM (XEM) recently announced a new update for its blockchain, which attracted quite a bit of attention. Considering that the update will also bring a significant airdrop to the project’s token holders, investors and traders rushed to buy XEM coins to become eligible and increase the amount they will receive.
XEM price surges after the latest update
Immediately the project announced Symbol launch for March 15th, and NEM responded by seeing a price surge. This took place on February 25, and the trend simply continued in the days that followed, becoming a two-week-long trend. The coin even reached a new 3-year high, seeing the levels that it last saw on February 1st, 2018.
Around March 3rd, the coin hit the price of $0.8591, previously sitting at $0.4463 on February 26th. Surging by nearly 50% so rapidly caused a correction almost immediately, and so the coin saw a drop to $0.67 by March 5th. On the very next day, NEM once again surged to $0.76, followed by another price rejection to $0.69, where it sat for the last two days.
So, while the project is not exactly the biggest hit among cryptos, it certainly did attract attention with the latest update.
What is the update about?
As mentioned, the project recently announced new improvements to the blockchain in a Symbol 0.10.0.8 release, which focused on Core, REST, and SDK releases. The releases should fix P1 and P2 issues that the project has been suffering from, and they will enhance security, as NEM prepares to run a mainnet.
In addition, the team is also preparing the mentioned airdrop of Symbol (XYM) tokens to NEM holders, with the snapshot for airdrop eligibility being expected to take place approximately on March 12th, when the project reaches a block height of 3,105,500.
This is why everyone rushed to buy XEM, thus pushing its price up so rapidly. The airdrop also attracted the attention of Binance, which announced that it will support it. The announcement, price action, and a surge in support, come as a welcome change from a project that has been very quiet for a very long time.