ENJ recorded double-digit gains despite the market downturn.
The Enjin team launched the wallet 2.0, but the growth of the network remained in disarray
Contrary to broader market sentiment, Enjin coin [ENJ] sustained by holding on to the bullish run it has been since the first week of the new year. According to CoinMarketCaptop ranked assets including Bitcoin [BTC] and Ethereum [ETH] shredded profits from the previous day.
Realistic or not, here it is ENJ’s market cap in terms of BTC
However, ENJ beat the trend as it registered a 14.43% increase in the past 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 persistence?
Switch hands in the wallet 2.0
The reasons for this continued bullishness were not out of reach. First, the data from Santiment revealed Which the available volume on the Enjin network was enormous. At the time of writing, the volume increase was over 800% from January 18, peaking at $355.85 million.
Volume showed the number of transactions that passed through a network in a given time frame. The skyrocketing ENJ volume thus implied that there was a skyrocketing exchange between buyers and sellers of the ERC-20 compliant token.
Prior to the volume increase, the Enjin team had announced its first set of developments for the year. According to the Jan. 17 tweet, the community was able to access the Enjin 2.0 wallet on Android and iOS devices. In addition, it received gottem beam support for NFT.io, which was referred to as the brand domain marketplace.
Our first developer update of the year is a big’n!
Enjin Wallet 2.0 is not only available for iOS and Android, we also have:
✅ Better Beam support @nft_io
✅ Many updates for the Enjin platform
✅ Minor fixes in the SDK
Visit 👉 https://t.co/WAPjuvgbxd pic.twitter.com/l6N5JYBhcj
— Enjin I We’re Hiring 🙌 (@enjin) January 17, 2023
For the wallet 2.0, Enjin addressed that it would promote seamless trading and storage of NFTs for any application. It also noted that it was insistent Polygon [MATIC] NFT’s support. read the message,
“Our team of wallet developers have worked tirelessly to ensure the iOS release is as seamless as possible for iOS users. Our top priority right now is to fix bugs and add features that were included in the Android version after the initial release.”
How many Worth 1,10,100 XRPs today?
The “Enjin” is still sputtering
Despite the development and price increase, Enjin’s development activity was flat at 0.02. It was deduced that not much was being done to polish up the Enjin network. In terms of network growth, it was a similar case, as there were only 185 left, implying a starvation of new addresses in the chain.
Will ENJ continue its impressive run? Well, the perspective of the stock exchange the inflow showed that the buying pressure could soon ease. While the exchange inflow was 4.48 million, the outflow was almost 4.68 million. With a minimal difference and a spike in both areas, ENJ would be due for a price correction.
This post ENJ rises, ignoring market sentiment, but ‘Enjin’ remains flawed
was published first on https://ambcrypto.com/enj-surges-and-flouts-market-sentiment-but-enjin-remains-faulty/