Why Is Enjin Coin (ENJ) Trading 40% Higher Today?
Enjin Coin (ENJ), a cryptocurrency that facilitates the use of non-fungible tokens or NFTs, soared nearly 40% in a 24-hour period leading up to press time Wednesday evening.
What Happened: ENJ traded 38.63% at $1.76 at press time. The cryptocurrency spiked 41.94% and 41.35% against Bitcoin (BTC) and Ethereum (ETH), respectively.
See Also: How to Buy Enjin (ENJ)
Other notable gainers at press time included Chiliz (CHZ), up 15.47% at $0.30, and Nexo (NEXO) up 13.85% at $2.31 over a 24-hour period.
Over the course of seven days, ENJ has risen 52.32%. Since the year began the token has skyrocketed 1,253.85%.
The apex cryptocurrency, BTC, traded 2.75% lower at $37,935.49 at press time, while ETH traded 2.44% lower at $2,723.59 at press time in a 24-hour period.
A week ago, ENJ announced they were dropping 50,000 NFTs on social media.
Get ready for the biggest Enjin QR drop to date!
We're dropping 50,000 #NFTs on May 21
Download the Enjin Wallet today and prepare to scan and collect the limited $ENJ NFT giveaway tomorrow.
— Enjin (@enjin) May 20, 2021
Later, Enjin announced they were giving away 50 ENJ to 10 participants who shared a screenshot of their first NFTs on Twitter.
Why It Matters: NFT art has fetched high valuations in the recent past with digital artist Beeple selling a piece for $69 million and work from a humanoid robot fetching $700,000.
ENJ is also reportedly the first gaming cryptocurrency to be whitelisted in Japan and receive a nod from the country’s Currency Exchange Association.
In April, Coinbase Global Inc (NASDAQ:COIN) allowed ENJ to be traded on its platform.
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