Enjin: This development could bode well for ENJ but caution is advised

Enjin . coinThe Enjin project, which provides an ecosystem of interconnected and blockchain-based gaming products, has seen a lot of volatility in recent months. Despite suffering from constant losses in this bear market, ENJ The team continued to develop and improve their techniques.

And their efforts seem to have paid off as ENJ caught the attention of notable whales.

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Below are AMBCrypto price predictions for Enjin . coin [ENJ] For 2022-2023

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The elections are over, ENJ!

according to WhaleEncrypted whale tracking platform ENJ It has been observed that the token generates a lot of interest from crypto whales. WhaleStats prepared one tweet says that ENJ has been among the top 10 cryptocurrencies by volume among the top 500 ETH picks in the last 24 hours.

One reason for this could be that Enjin has been working on several collaborations and updates over the past few days.

In addition, Team Enjin announced on October 22 The latest beta version of the ENJ Wallet has been released. An increasing number of updates from the Enjin team could also help in attracting the interest of private investors.

But..tread slowly

Despite the growing interest from whales, activity appears to be on the engine The network experienced a slowdown. As you can see from the image below, ENJ’s speed has decreased significantly in the past few days. This indicates that the frequency with which wallets exchange ENJ tokens has decreased.

Another indication of reduced activity is the decrease in the number of daily addresses. This was quite straightforward, as can be seen from the chart below.

Source: feeling

However, the ENJ trials did not end there. Enjin Network’s growth has also slowed in recent days. The slowdown in network growth means that the number of new addresses making the first transfers on the ENJ network has decreased.

Moreover, volume has also seen a decline in the last month. The volume went all the way from 60 million to 13 million in one month. The drop in market capitalization to realized value (MVRV) along with all these bearish indicators did not paint a good picture for the token at least in the short term.

Source: feeling

So it remains to be seen if interest from whales and new developments will drive ENJ’s growth. At the time of writing this report, ENJ It was trading at $0.412 and is down 0.22% in the last 24 hours according to CoinMarketCap.

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