This One Gaming Coin Goes Ballistic with Over 630% Gains: Are there More Greens in Play Soon?
Top cryptocurrencies like Bitcoin, Ethereum, XRP, and Litecoin are in the green but only about 1 to 2 percent while some have even gone slightly in the red. Meanwhile, a number of bitcoins like Project Pai (70% up), Kyber Network (54%), Bancor (28%), Wanchain (27%) and, Aurora (19%), among others are enjoying significant gains.
There is one cryptocurrency that is currently enjoying decent gains but not just one day rather since mid-February. At the time of writing, Enjin Coin has been trading at $0.199 with 24-hours gains of more than 17 percent against USD. In both the BTC and ETH market as well, it is up by about 17 percent.
ENJ Price chart, Source: Coinmarketcap
However, since February 17th, Enjin Coin has been slowly making its accent starting from $0.03 and today, it reached the highest point at $0.220, registering over a whopping 630 percent gains in less than a month.
Why did the Price Skyrocket?
The “largest gaming community platform online”, Enjin is a cryptocurrency for virtual goods that are created by Enjin.
With over 250,000 gaming communities and 18.7 million registered gamers, it is quickly moving towards its goal of becoming the most usable cryptocurrency for the gaming industry. By integrating blockchain into gaming, they are reducing the high fees and fraud prevalent in online market.
Most notable reason for this hike has been its partnership with Samsung Electronics. The South Korean media outlets reported the partnership between the Singapore-based company behind ENJ, Enjin and the recently released flagship smartphone of Samsung S10. Though Enjin’s VP of marketing did confirm the partnership with Samsung, he didn't disclose any other information.
In late February, Samsung has launched its S10 smartphone that features Blockchain Keystore that will house the private keys of crypto assets. Given the predicted reach of 45 million users of this model in 2019, it holds immense significance for the crypto community. Now with Enjin’s involvement in it has given ENJ price a boost.
As Enjin pushes innovation to a new frontier, the opportunities for #blockchain adoption are ready to hit boiling point. The #EnjinWallet now features a Beam reveal code system, push notifications & new token swap options.
— Enjin (@enjin) March 8, 2019
Are More Gains Expected?
While crypto trader and investor Josh Rager see this spike as an overblown result, “Enjin is also known for its wallet. That was the hype around Samsung and Enjin having a potential partnership. Which I feel was overblown,” Crypto trader, Moon Overlord is optimistic.
“People are being dismissive noting the Samsung partnership as the catalyst for this ENJ pump & writing it off as an anomaly. I know for a fact teams are withholding updates waiting for a better market. Time to snag quality projects near the floor before the chart looks like this.”
Asian media outlets have also reported a partnership with Unity, a gaming development company in a venture called SDK. Enjin’s partner Unity has also joined Samsung, another partner of Enjin to make games run smoother on the S10.
🗓️ It's official: The Blockchain SDK is coming to the Unity @AssetStore on March 14!
In just 9 days, 4.5 million @unity3d developers will be able to easily create & integrate ERC-1155 #Ethereum blockchain assets into games for over 25 mass market platforms.#unitydev #unity3d pic.twitter.com/28JZaWf6z5
— Enjin (@enjin) March 5, 2019
“BTC taking some time off, but ENJ doesn't care. Looks like it's going for more,” says crypto trader Jonny Moe which is a possibility for Enjin as it keeps on adding more partnerships to its name.