Numeraire
About Numeraire
The price of Numeraire (NMR) is $13.28 today, as of Sep 16 08:26 p.m., with a 24-hour trading volume of $4.68M. Over the last 24 hours, the price has decreased by -6.06%. Numeraire currently has a circulating supply of 7.32M and a market cap of $97.29M.
Numerai, the company behind the numeraire (NMR) token, bills itself as “world’s last hedge fund by predicting the stock market.”
Numeraire is software acting as a hedge fund that aims to enable users to trade stocks on the Ethereum blockchain.
The project uses artificial intelligence and crowdsourced stock market predictions, relying on a monthly machine-learning and data science “tournament” where users submit trading algorithms about the stock market, according to Messari.
“Each month users are given an encrypted dataset that has standard market data labels removed,” Messari writes. “By removing the context of data the project believes users will submit more accurate predictions.” For example, stock price could be labeled as “feature 1,” so users create stock prediction models objectively based on historical data as opposed to using personal biases about how stock price might affect a specific company. Numerai encrypts the dataset that tournament participants are given to prevent participants from copying the underlying trading strategy.
Numerai announced the NMR token in 2017. According to Messari, Numerai distributed 1 million of the NMR tokens to active users on the platform, with the total supply initially capped at 21 million and a limit of 100,000 new tokens released per week. In a June 2019 upgrade, Numerai reduced the supply cap from 21 million to 11 million.
In May 2021, the NMR price hit its all-time high of $96.27 but slumped over the next several months along with broader cryptocurrency markets.