It looks like crypto bulls are back in full force: Ethereum and Bitcoin have pushed 4-5% in the past hour and altcoins have fared even better and quickly bounced off the weekend lows.
One coin in particular stood out: Wrapped NXM (WNXM) or NXM, an Ethereum-based coin for the Nexus Mutual protocol that has gained more than 40% in the last 24 hours.
According to CoinGecko, the coin is up 44.6% in the last 24 hours, hitting its highest price in many days at $ 70.
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Why is the Ethereum currency rising?
The Ethereum-based coin is soaring thanks to the launch of Yearn.finance’s Yinsure platform.
Yinsure users can deploy WNXM within the platform and receive the SAFE governance token as a reward. Investors have reported earning about 2-5% per day on their deposits, meaning it is a very attractive investment opportunity for those within the DeFi space.
As a result, WNXM rises as investors seek to earn returns.
The Ethereum-based SAFE alone is up about 700% since it launched just 24 hours ago.
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Top investors are optimistic about NXM
Even if the short-term allure of buying NXM ends as the SAFE pool becomes overcrowded, top investors inside and outside the crypto space are optimistic about the coin and the underlying project.
Remi Tetot, the co-founder of macro research firm Global Macro Investor, recently noted that he finds Nexus Mutual crucial as the value of coins locked in DeFi grows along with the number of users:
“NXM is unique in its offering, but also in the way its pricing model works. Nexus Mutual also has the advantage of 1st mover in the insurance world in crypto…. “
He added that he expects the currency to outperform Ethereum in the near term due to the underlying common model of the project:
“The NXM price fell during the last crypto correction, between Sept. 2. And Sept 6, from $ 75 intraday to nearly $ 30. It’s now back to $ 45 and is slowly climbing up. While many people may have become scared by the volatility of the price, the collapse was actually a great opportunity for people to buy at a decent price. As NXM gains exposure, we can expect it to outperform Ethereum in the near term. Especially when their model is confirmed. “
Other bulls include Jason Choi of the Spartan Group.
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Featured Image from Shutterstock Price tags: wnxmusd, wnxmbtc, wnxmeth, nxmbtc, nxmusd, nxmeth Charts from TradingView.com This Factor Helped to Push Ethereum's Nexus Mutual (NXM) Up 40% Today