In recent days, many crypto assets have made gains during the general recovery of the cryptocurrency market. But the price of the ENJ token has not registered significant traction.

On July 21, Enjin reached an important milestone because it announced his partnership with Square Enix to create branded tokenized collectibles.

According to the press release, the completion of the partnership will lead to the launch of a digital collection of Final Fantasy VII 25th Anniversary cards and figures that will be made available on Efinitya cross-chain network for the purchase and sale of NFTs.

At $0.6019 at the time of printing, the news of the announcement failed to get holders excited about collecting more ENJ tokens. Let’s take a look at the performance since July 21.

ENJ-in must be lubricated

On July 21, when the partnership was announced, ENJ traded at $0.59. Exchanging hands for $0.60 at the time of writing, only a 2% increase in price was registered in the past three days.

With minimal price action, it was not surprising to see a decline in the token’s trading volume over the same period.

The token dropped from 128.45 million on July 21 to 85.54 million at the time of writing, registering a 33% drop in its trading volume in just three days.

Interestingly, despite the meager price growth, the token’s market cap has increased by 5% since July 21.

Source: Santiment

Despite low price action over the past 24 hours, a look at the token’s movement on a daily chart revealed a steady increase in buying pressure.

At the time of going to press, the Relative Strength Index (RSI) and Money Flow Index (MFI) were spotted in uptrends at 58.53 and 59.06 respectively.

Source: TradingView

Performance on the chain

According to data from Santiment, key metrics for tracking the token’s network activity have declined since July 21.

For example, the new addresses created on the ENJ network have fallen by 26% in the past three days.

Also, the index for unique addresses handled by ENJ since July 21 dropped from 736 addresses to 140 addresses at press time.

Source: Santiment

On the social front, while the token’s social dominance registered a 36% drop since July 21, the social volume has increased by only 3% since then.

Source: Santiment

Despite the token’s unimpressive performance in recent days, ENJ’s price is up 25% since the beginning of the month.



This post ENJ needs oil as these stats spark investor fear

was published first on https://ambcrypto.com/enj-in-needs-fixing-as-these-metrics-invoke-investors-fear/

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