ENJ has seen a decline in correlation with Ethereum. Meanwhile, the total users of Enjin have seen prolonged growth.
Technical indicators of ENJ suggest a weak upside trend in price. It is down by 0.1% in the ETH pair.
Enjin is a company that gives an ecosystem of interconnected blockchain gaming. Enjin coin is an ERC-20 token used in the gaming ecosystem for trade. Enjin was first announced in 2017 and launched on Ethereum’s main net in 2018. It is a utility token for NFT, and many assets are backed by it. The NFTs minted on Enjin are infused with ENJ coin, which owners can melt their NFT any time to get their ENJ. It provides trust and utility for the NFT.
The perceived value of NFTs correlated with ENJ backing makes it an adequate gold standard. There are over 29883842 assets on the Enjin blockchain. The number of daily new accounts has declined on the blockchain and reached 146, as per Dune analytics. As per research by Grand View, research NFT market will grow to $212 Billio
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