Cosmo Coin Resumes Uptrend, XEM Fails to Keep its Rally
After a pump and dump-like trading last Friday, Cosmo Coin (COSM) resumed its rally this past weekend on Samsung Galaxy S10-related news, while XEM, the native cryptocurrency of the NEM platform, dropped after a spike on Saturday, prompted by good news that pushed the price up by around 15% at its high.
COSM, the native token for South Korean beauty review dapp (decentralized application) Cosmee, doubled in value over the course of just one day this past weekend, from a price of below USD 0.03 to more than USD 0.07 at its highest, before falling back slightly.
COSM price chart:
On Saturday, the company confirmed that their “service is currently available through the Galaxy Wallet.”
Although Cosmo Coin is not currently among the 100 most valuable cryptocurrencies, it has made headlines recently due to reports on a partnership with electronics giant Samsung, resulting in a meteoric rise in the price of the token.
Meanwhile, Nick Tomaino, founder of venture fund 1confirmation, backed by high-profile investors like Peter Thiel, Marc Andreessen, and Mark Cuban, in a Medium post, published on Sunday, wrote that Cosmos “has the potential to push the entire cryptocurrency industry forward by enabling cross-chain token interoperability and a scalable infrastructure with instant finality and a better UX (user experience) for dapp developers.”
However, Tomaino noted that there are many open questions about Cosmos.
“Does 100 validators make the network too centralized? Is Cosmos the optimal way to do a cross-chain DEX, or might a better implementation of cross-chain atomic swaps emerge? Is token interoperability enough, or is smart-contract interoperability needed to enable the cross-project synergies that will push the ecosystem forward? Can the Cosmos Hub become the dominant hub or might another Hub emerge?,” Tomaino wrote, adding that these questions will be answered in the coming years.
The Cosmos mainnet should be released in two days.
Short lived rally of XEM
Meanwhile, the XEM price jumped after the NEM Foundation published an update with new details about the foundation’s funding situation, market positioning, and internal management strategy. However, XEM erased most of its gains.
XEM price chart:
As previously reported, the NEM Foundation was forced to ask the community for an USD 8 million rescue package.
At its peak, the NEM Foundation employed more than 150 people in 20 countries around the world. Speaking with Coindesk, NEM Foundation president Alexandra Tinsman said that the foundation has now laid off about 100 people, while shifting its focus away from marketing and promotion and over to product and development.
On the important issue of funding, the NEM Foundation wrote that they have “been in discussions with the core team with regards to setting up fund disbursement.”
Funds will reportedly be released to the foundation in the form of XEM in regular intervals, with the first release of 25 million XEM (approx. USD 1.12M) having already occurred on March 7.
“These funds will be used to set up processes and structures for a new product-focused, revenue-driven approach for NEM Foundation,” the NEM Secretariat Office wrote in the update, while adding:
“There are still expenses and ongoing costs which are being managed based on existing funds. We will continually update the community as the funds are activated.”