Enjin Coin (ENJ) Price Soars 13.77%, Here is Why

January 19, 2023 at 03:57 PM GST updated: February 19, 2023 at 07:30 PM 2 mins read Altcoin News

Enjin Coin (ENJ) price increases by 13.77% in the last 24-hours.
The price of Enjin Coin is trading at $0.4234.
Enjin protocol to become more distinctive when new technologies are introduced.

Enjin Coin (ENJ) has emerged as a leader in the digital currency ecosystem while Bitcoin (BTC) and the vast majority of other cryptocurrencies have seen their value decrease today. One Enjin Coin is currently priced at $0.4234, representing a 13.77 percent growth in value over the course of the previous twenty-four hour period.

Given that Enjin Coin is not normally known for having spectacular price performance, the recent surge is all the more impressive when taken into consideration. The value of Enjin Coin has been on an upward trend for the past week, which has contributed to the token reaching a new 30-day high. This new high is 51% higher than the previous one.

Enjin is a platform that makes it easier to tokenize in-game assets using the Ethereum blockchain. A recent update from the platform’s development appears to have galvanized purchasers who anticipate a significant expansion of the ecosystem in the coming months. The impact of the protocol among developers has increased since its launch, and this recent update appears to have galvanized purchasers.

The extremely rapid surge in growth of Enjin Coin calls into question the potential of the token to retain the significant price increase it has experienced over the course of the preceding twenty-four hours and one week.

Despite the fact that it is currently trading at a price that is more than 91% lower than its all-time high (ATH) of $4.85, there is still plenty of potential for the ENJ token to rise. The industry as a whole, however, is volatile and may not be able to support the aggressive price upshoot that Enjin aims for at this time.

Because of its stance on carbon neutrality, the Enjin protocol will become even more distinctive when new technologies are introduced. This, in combination with the alliances it has already built, may lead to an increase in price in the not-too-distant future.