Enjin Coin today’s top gainer: here’s why it is rising

Enjin Coin today’s top gainer: here’s why it is rising

By Charles Thuo - min read
  • At press time, Enjin Coin (ENJ) had gained 15.70% in the past 24 hours.
  • ENJ is currently trading at about $0.4265.
  • Today’s price surge makes ENJ today’s top gainer in the crypto market.

Enjin Coin (ENJ) has made headlines today after it shot up by about 16% to become the best crypto gainer of the day according to data from CoinMarketCap. The second largest gainer today is KAVA which has gained 10.14% while the third is Hedera (HBAR) which has gained 9.50% adding to its 41% rise in the past two weeks.

While it was trading at $0.4265 at the time of writing, Enjin Coin price high a daily high of $0.4524 earlier today.

Why is Enjin Coin price rising today?

Enjin Coin is not known for colossal price movements, making today’s price surge a surprise for many crypto traders and investors. Today’s hike actually pushed the token for a 51% growth over the past seven days.

But why is the price of ENJ surging? Here is a deep dive into the behind-the-scenes pushing the token’s price up.

Enjin network, the parent blockchain of Enjin Coin cryptocurrency, allows game developers to tokenize in-game items on the Ethereum blockchain. While the protocol’s influence among developers has grown since its inception, the recent development update to the platform appears to have energized ENJ buyers as they anticipate the Enjin ecosystem to witness extensive growth in the coming months.

The recent development update saw the protocol launch Enjin wallet, a new non-fungible (NFT) token marketplace called NFT.io, and three core Enjin tooling products. These updates make the platform enticing and easy for game developers thus positioning Enjin as a hub for the growing world of Web3.0 gaming.