As the crypto market gradually recovers from Wednesday’s dip, ENJIN Coin (ENJ) received a significant boost in price following its listing on Coinbase Pro, the professional trading platform of the U.S.-based exchange, Coinbase.
The San Francisco-based exchange noted in an announcement this week that ENJ alongside 1INCH, OGN, and NKN will be available for trade today by 4 PM UTC if liquidity conditions are met.
“Once sufficient supply of 1INCH, ENJ, NKN, OGN is established on the platform, trading on our 1INCH-USD, 1INCH-BTC, 1INCH-EUR, 1INCH-GBP, ENJ-USD, ENJ-BTC, NKN-USD, NKN-BTC, OGN-USD and OGN-BTC order books will launch in three phases, post-only, limit-only and full trading,” excerpts of the announcement reads.
While trading of the selected tokens will commence later today on Coinbase Pro, deposits of the assets are open to users in all Coinbase supported jurisdictions except New York.
Enjin’s native token ENJ did not wait for trading to commence before rallying. On the day of the announcement, ENJ surged by more than 30%, moving from $2.22 to $3.25 within 24 hours.
At the time of writing, the cryptocurrency is hanging hands at $3.74 and has been up almost 70% since the announcement. With trading set to commence in a few hours, ENJ may be headed for a new all-time high (ATH) of $4 per coin.
ENJ/USDT. Source: TradingView
Prior to the Coinbase listing, ENJ has been on a remarkable run in recent months. This is largely due to the project’s focus on non-fungible tokens (NFTs), which has led to the development of two major solutions: Efinity and JumpNET.
Last month, Enjin said it had raised $18.6 million from investors led by CryptoCom via the private sale of Efinity, an initiative scheduled for launch in the coming months.
Efinity is built on the Polkadot blockchain and will be the next generation gaming, apps, creators, and enterprise NFT blockchain solely optimized for non-fungible tokens.
Furthermore, Enjin recently launched the JumpNET upgrade, a layer-two scaling solution for the project, which will eliminate gas and support NFTs from any blockchain.
Enjin’s JumpNET and the upcoming Efinity upgrade is one of the major reasons traders are bullish about the ENJ coin given the significant hype around NFTs.
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