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Enjin Coin (ENJ) Suddenly Gains 13% as Trading Volume Skyrockets, This Might Be Reason

Fri, 04/07/2023 - 14:00
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Tomiwabold Olajide
Enjin Coin's trading volume records massive surge
Enjin Coin (ENJ) Suddenly Gains 13% as Trading Volume Skyrockets, This Might Be Reason
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Enjin Coin (ENJ), the native cryptocurrency of gaming company Enjin, jumped higher on April 7. The crypto asset rose from lows of $0.418 to reach intraday highs of $0.50, its highest level since Feb. 25.

At the time of writing, ENJ was up 13% in the last 24 hours at $0.462. This is significant, as most cryptocurrencies have traded at a loss or with minimal gains in the last 24 hours. Enjin is now up 95.91% this year so far.

Enjin Coin's trading volume also saw a massive surge, up nearly 700% at press time. The trading volume, which is the total number of units traded in a particular period, might reflect an interest in either buying or selling an asset.

Given the sudden spike in volatility, traders can be said to have jumped in to capture gains.

Enjin teases exciting things ahead

At the start of April, Enjin, via its official Twitter account, announced it is getting closer to some very exciting things coming up.

It reveals a sneak peek of the new Enjin platform, which allows users to easily create collections, tokens and beams. Likewise, game developers will be able to approve, freeze, mutate and destroy assets via the new UI platform.

The project is also excited about its upcoming marketplace, Developers are currently showcasing its features and getting feedback from the community. The upcoming marketplace will include all of the basic functionalities found in any NFT-related marketplace and the ability to work with Efinity in the future.

The team in March also revealed updates for the Enjin wallet application, a crypto and NFT mobile app that enables users to store, send and sell NFTs and is available for Android and iOS users.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.