ENJ surges and flouts market sentiment, but ‘Enjin’ remains faulty

ENJ surges and flouts market sentiment, but ‘Enjin’ remains faulty

January 20, 2023

By Suzuki Shillsalot

Realistic or not, here’s ENJ’s market cap in BTC’s terms

ENJ recorded a double-digit increase despite the market downturn.

The Enjin team launched the wallet 2.0, but network growth remained in disarray

Contrary to the wider market sentiment, Enjin Coin [ENJ] persevered by sticking to the bullish run it was on since the first week of the new year. According to CoinMarketCap, top-ranked assets, including Bitcoin [BTC] and Ethereum [ETH] shredded gains from the previous day.

However, ENJ defeated the trend as it registered a 14.43% uptick in the last 24 hours. This led to a 62.74% performance of the gaming token in the last 30 days. But what was responsible for this unprecedented doggedness?

Exchanging hands in the wallet 2.0

The reasons for this continual bullishness were not out of reach. First, Santiment’s data revealed that the volume available on the Enjin network was tremendous. At the time of writing, the volume increase was over 800% from 18 January as it peaked at $355.85 million.

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

Prior to the volume surge, the Enjin team had announced its first set of developments for the year. According to its 17 January tweet, the community could access the Enjin 2.0 wallet on android and iOS devices. Additionally, it received gottem beam support for NFT.io, which was referred to as the marketplace for branded domains.