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In a recent announcement, Coinbase disclosed its decision to suspend trading for Enjin Coin (ENJ) on June 14, 2024, at or around 2 p.m. ET. This move comes after a series of reviews conducted by the platform, which aims to ensure that all listed assets meet its rigorous standards for security, compliance and performance.
Coinbase regularly reviews the digital assets listed on its platform to ensure they adhere to the exchange’s listing standards. While the specific reasons for delisting Enjin Coin have not been detailed, Coinbase's decision indicates that ENJ may no longer meet its listing criteria.
"We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Enjin Coin (ENJ) on June 14, on or around 2 PM ET," Coinbase stated in its announcement. The platform did not provide specific details regarding the findings of the review but emphasized its commitment to maintaining a compliant trading environment.
Trading for Enjin Coin will be suspended on Coinbase Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime and the native DEX. In light of the upcoming delisting, Coinbase stated that it had moved its ENJ order books to limit-only mode. Limit orders can be placed and canceled, and matches may occur.
Tomiwabold OlajideEnjin Coin holders on Coinbase are advised to take note as trading for ENJ will be suspended on the aforementioned platforms on June 14, 2024, at or around 2 p.m. ET. Users might need to manage their ENJ holdings accordingly before this deadline.
Enjin allows game developers to tokenize in-game items on the Ethereum blockchain. It uses Enjin Coin, an ERC-20 token, to back the digital assets issued using its platform.
In the wake of the delisting announcement, the ENJ token's price took a significant hit, dropping by nearly 11%.
At the time of writing, ENJ was down 10.23% in the last 24 hours to trade at $0.3101. Coinbase is the second largest crypto exchange contributing to Enjin's daily trading volumes after Binance, hence the price reaction.
Interestingly, while the price suffered, the 24-hour trading volume for Enjin Coin surged by 308%. This spike in volume is indicative of increased trader activity, possibly as traders rush to readjust their positions in the wake of the delisting news.
Vladislav Sopov
Dan Burgin
Alex Dovbnya