ENJ Token Rallies 800% In One Month And Here Are 3 Reasons Why

The ENJ token rallies 800% in one month thanks to the growing popularity of NFTs, new partnerships and the launch of JumpNet so let’s read more about it in our latest altcoin news today.

NFTs took the world by a storm as stories of record-breaking digital art sales are popping up on mainstream news outlets and popular culture as well. Another project that is seemingly well-positioned to capitalize in the next few years is Enjin Coin whose co-founder Witek Radomski was initially involved in the development of the ERC-1155 token standard that enabled the creation of NFTs on the ETH network.

ENJUSDT
ENJUSDT 4-hour chart. Source TradingView

The data from Tradingview shows that the ENJ token rallies 800% in one month and went from $0.34 low to $3.09 high on March 15 because of the surge in trading volume. Another part of the reason is the announcement of the ETH Scaling solution JumpNet which increased more exposure and trading volumes because of its exchange listings and the growth of the NFT sector. The momentum for the coin started picking up after the project revealed the JumpNet which will work as a private version of the ETH blockchain that uses a proof of authority consensus mechanism which enables gas-free on-chain transactions.

High transaction costs were one of the biggest challenges that the crypto community faced in the past six months thanks to the rise of usage of the Ethereum network by decentralized finance protocols and the increasing popularity of NFTs. JumpNet is scheduled to launch on April 6 and hopes to solve the issue for the NFT sector by allowing users to send and receive ENJ and ERC-1155 tokens for free. ENJ has more plans to integrate Efinity which will support next-gen tokens and according to the team, this will help enable multi-chain interoperability by allowing NFT holders to move over to JumpNet and benefit from free transactions.

ERNUSD
ERNUSD. Source CoinGecko

Another driver of the ENJ price was its listing on multiple exchanges which pushed the total trading volume to a new high and resulted in a spike in on-chain activity as well as active addresses. Other notable integrations include Enjin being voted into Bancor’s BNT liquidity mining and the listing on Gemini, OKEx, and Huobi Global. The third reason why the price went parabolic is related to the growth in popularity of NFT. Some of the recent gaming additions to the ecosystem include Age of Rust, Six Dragons, GameTalkTalk, and Ludena Protocol.