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Enjin (ENJ) Price is on the Rise for the Past Month – Here’s Why
Discover the reasons and influencing factors behind the sharp rise in Enjin (ENJ) in the last month.
Published on March 29, 2021
Enjin (ENJ) Price is on the Rise for the Past Month – Here’s Why
Discover the reasons and influencing factors behind the sharp rise in Enjin (ENJ) in the last month.
Enjin coin (ENJ) has recently seen a sharp rise in its price from $0.34 to $3.09.
What could the influencing factors be ?
Read along to find out why we think Enjin (ENJ) price is on the rise.
Introducing JumpNet
The price of Enjin (ENJ) has surged after the announcement of their new promising and innovative project, JumpNet.
JumpNet utilizes proof-of-authority (PoA) in contrast to its peers that rely on proof-of-work (PoW) such as Ethereum and Bitcoin.
JumpNet with its new consensus mechanism enables users to enjoy instant, gas-free on-chain transactions which would naturally encourage a lot more artists and creators to enter the NFT marketplace as the current gas-fees are quite high.
Increasing popularity of NFTs
Another reason for the surge in the price of Enjin (ENJ) is due to the fact the in the last few months, NFTs continue to grow in popularity.
In the last few months, we have Beeple make a grand sale of $69 million to the first NFT digital house (“The Mars House”) to the first NFT created by Sophia the robot and the New York Times column.. these all have stirred eyes towards the NFT marketplace and have encouraged artist of different disciplines and mediums to try the NFT marketplace and to digitize their art.
However, NFT is not all about art, NFTs could also come in the form of social gaming assets and collectibles. Thus, due to Enjin’s connection and partnership with rising social gaming platforms such as Ludena Protocol (GameTalkTalk), The Six Dragons, and Age of Rust.
Exchange listings
The last reason as to why the price of Enjin (ENJ) may have surged in the last month is due to its presence in several cryptocurrency exchanges. This in return, increased its exposure and spiked trading volumes.
As the popularity and the spread of NFTs in various forms continues, the conversation and discussion regarding its energy consumption is also on the rise.
Thus, this places Enjin (ENJ) and its recent project up at the forefront of the rising eco-friendly NFTs.
Check out other Eco-Friendly Crypto Alternatives for the Environmentalists
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