Maybe a bleached rainbow. I guess rainbow because of the slight green still visible near the mouth. While there are some nems that can be naturally lighter in color, it is not common in the hobby. Nems that are bleached have lost their zooxanthellae. @Tahoe61 , @madweazl , @davocean can any of you guys confirm?
In the meantime while we wait for some expert opinions, the following was suggested on another forum as a guide and it seems to hold true for the nems I've purchased.
by: Reefvette on 10-18-2011:
"This is how i usually see it aka my chart on stages of anemone bleaching. This is a quick and easy thing not concrete. (some mertens carpet anemones have naturally occuring white in them)
Fully Colored Anemone (deep color not pastel looking) slightly faded( reds go to pink, purple to light blue or baby blue) Tan has more zooxanthella White has some zooxanthella Clear is completely bleached"
My advice... Feed it some soft foods every day and slowly raise the par level or move the nem higher in the tank over time. Good luck!