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Enjin Coin Shines Bright In a Bearish Market

Enjin Coin (ENJ) became one of the best performing digital assets as bears occupied cryptocurrency markets on Thursday. The coin became a real star as it spiked by over 60% within the past 24 hours and even set its all-time high of $1.48 earlier today.

enjin coin

The coin’s price made a sharp jump by nearly 42% yesterday when it increased from $0.90 to $1.28 in several hours. The impressive rally of ENJ comes in times when the whole non-fungible tokens (NFTs) market hyping.

What is Enjin Coin?

Enjin Coin (ENJ) is a store of value gaming token that can be used for trading or swapping and has a real-life value. It is the native coin of Enjin, a blockchain-based video gaming platform, where users can build and grow their gaming economies, tokenize virtual assets and trade them.

Reasons behind price growth

Scaling solution

Enjin will be launching two scaling solutions on April 6, the company announced yesterday. This will reduce gas fees and support fungible and non-fungible tokens (NFTs) from any blockchain.

Over 8,700 game creators have adopted Enjin Network already. From the beginning of next month, all of them, including Microsoft and Atari, will be able to complete a wide range of action on the Enjin network with zero gas or transaction fees, says the press release.

Exchange listing

The coin became the first-ever gaming cryptocurrency when Japan’s Coincheck exchange included it into its list this January.

ENJ can now be bought directly with Japanese Yens. The move is expected to support the ENJ adoption in the country where video game culture is highly popular.

On the Flipside

  • Enjin Coin and the NFT space, in general, are experiencing something like a 2017 ICO boom. We can only hope it will not end in the same manner.
  • Currently, a lot of NFTs have been created simply for speculative reasons. The market seems to be in its very inception, still young, and has to overcome multiple challenges to bring NFTs to mainstream adoption.

NFT market booming

The impressive ENJ price run comes when the whole NFT sector is the hottest trend in the crypto space.

The trade volumes of NFTs that represent scarce digital content and generate value due to their uniqueness surpassed the $250 million and increased by nearly four times compared to the previous year in 2020, according to NFTs market report.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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