Cycling

ENJ rises and teases market sentiment, but ‘Enjin’ is still flawed

  • ENJ posted a double-digit rise despite the market downturn.
  • Enjin team released wallet 2.0, but network growth remained in disarray

Contrary to general market sentiment, enjin coin [ENJ] persevered by sticking to the bullish streak it had been on since the first week of the new year. According to CoinMarketCaptop-ranked assets, including Bitcoin [BTC] Y Ethereal [ETH] shredded earnings from the previous day.


Realistic or not, here it is ENJ market cap in terms of BTC


However, ENJ bucked the trend by posting a 14.43% rally in the last 24 hours. This led to a game token return of 62.74% over the past 30 days. But what was responsible for this unprecedented obstinacy?

Exchange of hands in the wallet 2.0

The reasons for this continued optimism were not out of reach. First, the Santiment data revealed that the volume available on the Enjin network was tremendous. At the time of writing, the volume increase was over 800% since January 18 and peaked at $355.85 million.

The volume showed the number of transactions that have passed through a network in a given period of time. So, the skyrocketing volume of ENJ implied that there was a huge exchange between buyers and sellers of the ERC-20 compliant token.

Source: Feeling

Before the volume increase, the Enjin team had announced their first set of builds for the year. According to his tweet on January 17, the community was able to access the Enjin 2.0 wallet on Android and iOS devices. In addition, it received gottem beam support for NFT.io, which is known as the brand domain marketplace.

For wallet 2.0, Enjin managed which would encourage seamless NFT trading and storage in any app. He also pointed out that he was pushing for Polygon [MATIC] NFT compatibility. The post said,

“Our team of wallet developers have been working tirelessly to ensure that the iOS launch is as smooth as possible for iOS users. Our top priority right now is to fix bugs and add features that were included in the Android version after the initial release.”


How many 1,10,100 XRP worth today?


The “Enjin” is still sizzling.

Despite its development and price rise, Enjin’s development activity was flat to 0.02. This inferred that not much was being done to polish the Enjin network. In terms of network growth, it was a similar case, shrinking to 185, implying a starvation of new addresses on the chain.

Enjin Coin Development Activity and Network Growth

Source: Feeling

Will ENJ continue his impressive streak? Well, the perspective from the exchange The inflow showed that the buying pressure could ease soon. While the entry of foreign currency was 4.48 million, the exit was close to 4.68 million. With minimal difference and a rally in both areas, ENJ could see a price correction.

Enjin Coin Exchange Entry and Exit

Source: Feeling

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