The price of Enjin, the native token of the blockchain gaming and NFT-focused project, has surged by more than 30% in the last 24 hours.
There are three major factors behind ENJ's strong short-term uptrend, namely the Coinbase listing, technical momentum, and the interest around JumpNet.
ENJ price chart since December 2020. Source: TradingView.comCoinbase listing intensifies interest in Enji
The price of ENJ has been on a gradual uptrend throughout the past month ever since the project announced the release of Efinity and JumpNet.
ENJ started to see a large rally when Coinbase, the top U.S. exchange, announced it will allow users to trade ENJ, an event that was highlighted in Cointelegraph Markets Pro on April 7.
VORTECS™ score (green) vs. ENJ price (white). Source:
Additionally, the VORTECS™ score, exclusive to Cointelegraph, flipped green prior to the rally, as seen in the chart above. The VORTECS™ score is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and Twitter activity.
On April 8, Coinbase Pro announced:
"Starting immediately, we will begin accepting inbound transfers of 1INCH, ENJ, NKN, OGN to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Friday April 9, if liquidity conditions are met."
A Coinbase listing typically serves as a major catalyst for alternative cryptocurrencies because it introduces the asset to the U.S. retail market.
The launch of JumpNet and Efinity is crucial
Enjin is also launching two crucial products in the upcoming months: Efinity and JumpNet.
Efinity is a gaming and NFT-focused blockchain that runs on Polkadot. Efinity would be the first blockchain network that is solely optimized for NFTs. Since there is significant hype around N ...
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.