Monat: Januar 2023

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Enjin Coin price pumps as ENJ short liqudations soars

  • Enjin Coin has made a strong comeback in 2023.

  • This rally happened as short liquidations jumped.

  • Metaverse tokens like Decentraland and Sandbox have also surged.

Enjin Coin (ENJ) has been in an unstoppable bull run in 2023. It has jumped in all but two days this year, making it one of the top-performing coins. According to CoinDesk, ENJ was trading at $0.47, which was the highest it has been since November 10 of this year. Here are several reasons why Enjin is soaring.

Short liquidations rise

The first main reason why Enjin is soaring is that short liquidations have jumped to the highest level in months. Data provided by CoinGlass shows that over $539k worth of short sales were liquidated on Thursday. This was an increase from the $257k short sales that were liquidated on Wednesday. 

As shown below, these liquidations have been moving in an upward trajectory starting from the first week of the year. This trend is mostly because of the ongoing macro issues as inflation started to drop. Data published in the past two weeks has shown that inflation remains under pressure. On Thursday, numbers revealed that the producer price index (PPI) dropped in December. 

Metaverse tokens soar

The other main reason why Enjin coin price has risen is simply because of the performance of NFT and metaverse tokens. As we wrote here, we have seen most well-known metaverse tokens like Decentraland’s MANA and Sandbox’s SAND rise to their highest levels in months. Historically, cryptocurrencies in similar industries tend to move in sync with each other.

Meanwhile, data compiled by CryptoSlam shows that the volume of NFT sales has started to creep back up in the past few weeks. This is notable since Enjin exists in the NFT industry. Its Efinity product makes it possible for people to mint and sell NFTs using Polkadot’s technology. 

What next for Enjin Coin

ENJ/USD chart by TradingView

Enjin Coin was one of the worst-performing crypto coins in 2022 as it transitioned into a fallen angel. It finally woke up in 2023, pushing it to the highest point since November. The coin has surged above all key resistance levels and moved above the 25-day moving average. Further, the closely-watched supertrend indicator is still bullish.

However, as shown in the chart above, some longs have started to liquidate their positions as well. This is a sign that the coin could start pulling back in the next few days. If this happens, the next point to focus on will be at $0.3822.

How to buy Enjin Coin

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ENJ with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ENJ with Bitstamp today

The post Enjin Coin price pumps as ENJ short liqudations soars appeared first on CoinJournal.

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

  • 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.

The post Enjin Coin today’s top gainer: here’s why it is rising appeared first on CoinJournal.

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Is it safe to buy ENJ coin after gaining 16% today?

Enjin was launched in 2009 in Singapore and quickly became the largest gaming community creation platform. Its popularity led to the birth of ENJ, a cryptocurrency and smart contract meant to create trust and security in the community with minimal transaction fees. 

Enjin lets users create NFTs without coding. Moreover, users can get paid when other users trade digital assets via the Enjin marketplace. 

ENJ has a market capitalization of over $450 million and a circulating supply of 1 billion. The start of 2023 saw the ENJ coin gaining close to 100% against the US dollar, with about 16% today only. 

So is it safe to buy ENJ here? 

ENJUSD chart by TradingView

Did the crypto winter end in 2022?

The cryptocurrency market suffered from a string of bad news in 2022. First, it was Bitcoin that led the way lower, as the leading cryptocurrency plunged from over $60k to below $20k. 

Bitcoin lovers have argued for quick cryptocurrency adoption by institutional investors for many years. Finally, the adoption came, but with it, Bitcoin became correlated with the regular markets. 

In other words, Bitcoin was hit hard in 2022 by a strong US dollar. Also, it mainly moved on fundamental news affecting the overall market, such as the US inflation or changes in the Federal Reserve policy. 

As such, speculators in the crypto industry quickly turned their attention to other coins. But Bitcoin’s importance does matter for the overall industry. 

Therefore, when Bitcoin jumped over $21k at the start of 2022, it triggered a similar move on most of the crypto market. 

ENJ is one that followed suit. It gained almost 100% in 2023 after forming a falling wedge pattern at the end of last year. 

So is it fair to assume that the crypto winter of 2022 is over? 

At this point, ENJ tests resistance at an area that provided support in the past. If Bitcoin’s rally is not over, then one should not be surprised to see ENJ pushing above resistance.  

The post Is it safe to buy ENJ coin after gaining 16% today? appeared first on CoinJournal.

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OKX publishes proof-of-reserves report, has assets worth $7.5B

  • According to the proof-of-reserves report, OKX’s reserves have a total of $7.5 billion in assets.
  • The assets are spread between bitcoin (BTC), USDT, and Ether (ETH).
  • This is the third proof-of-reserve published by OKX exchange.

In its third attempt to offer transparency on its stability, the OKX crypto exchange has published a proof-of-reserves report that shows the exact breakdown of the assets that the exchange has in its reserves.

According to the report, the exchange has a total of $7.5 billion worth of assets in reserves which do not include its native token OKB. The price of OKB has dropped has 6.10% today to trade at $30.69 at the time of writing.

The report shows that OKX is overcollateralized by all the assets in its reserves. It has a reserve ratio of 105% for ETH, 101% for USDT and 105% for BTC.

OKX reserves are 100% clean

OKX’s proof-of-reserves report comes right on the heels of CryptoQuant developing a metric that measures the “cleanliness” of crypto exchanges’ reserves. The cleanliness is determined by how reliant the reserves are on an exchange’s native token.

Data from CryptoQuant shows that OKX’s reserves are 100% clean since they do not contain its native token. The majority of other popular crypto exchanges are far from realizing such a level of reserve cleanliness. The reserves of Binance, for example, are 87% clean, while those of Bitfinex are 70% clean and those of Huobi are 60% clean.

According to OKX’s Chief Marketing Officer, Haider Rafique, OKX has never used its native token to finance its business. In an interview with one media outlet, Rafique said:

“We’ve never used a native token to finance the company. The native token was never a big part of our business or treasury. Our native token was always designed to engage our most active customers and give them a way to seek discounts through activity on the platform.”

Rafique also revealed that OKX plans to be publishing its proof-of-reserve report every month. The exchange also plans to launch a bug bounty program that will allow developers to evaluate the reports and find out if there are any bugs in the system or with OKX that needs to be addressed.

The post OKX publishes proof-of-reserves report, has assets worth $7.5B appeared first on CoinJournal.