Enjin Coin pumps another 31%, nears 90c amid craze for non-fungible tokens

Enjin Coin has been the best-performing top 100 crypto coin today, hitting an all-time high amid the growing craze for non-fungible tokens.

Enjin coins were up 31 per cent to US89.05c in the 24 hours to 2.45pm AEDT, almost double its value from a week ago. Enjin Coin traded as high as US89.7c around 2.30pm, according to Coingecko. ENJ is up about 17-fold in US dollar terms since its 2017 “initial coin offering,” according to ICO drops.

The token can be used to buy collectible, virtual “blockchain assets” for gaming like magic eggs and robes on the Enjin marketplace.

These kinds of “non-fungible” digital assets — meaning they represent something unique, rather than mutually interchangeable — have exploded in value in recent months.

Last week, a Miami art collector sold a 10-second video artwork “authenticated by blockchain” for $US6.6 million, according to Reuters. He had bought it just months before for “only” $US67,000. The singer-songwriter Grimes and rapper Post Malone have also gotten in on NFT action.

NFT drop in 20 mins ‍♀️ pic.twitter.com/LChtcudm1O

— ☘︎ (@Grimezsz) February 28, 2021

While Enjin Coin is aimed at gaming items than artwork, fans say the idea is here to say. (Sceptics see a bubble).

With NFT’s being hot right now, I’m curious to how $enj $enjin will perform. If NFTs grow and jts hets adopted and future devs support it, enjin could be massive beyond belief.

Imagine a rare WoW drop that’s limited, except outside of in-game transaction. (1/2)

— Cole (@ColesCrypto) February 23, 2021

Overall crypto market stagnant

Taking a broader view, the crypto market seems to still be searching for direction this afternoon. Major assets have been trending downward in the past 24 hours, but modestly so.

Bitcoin was changing hands at $US48,500 ($62,400), down 1.1 per cent, while Ethereum was trading around $US1,500 ($1,950), down three per cent.

Of the top 100 crypto-coins listed on Coingecko, just 40 had made gains in the 24 hours to 2pm, while 51 had declined in value. (The rest were flat). But no token was down by double-digits; xSushi, the worst-performer, had fallen 9.7 per cent to $US20.38 after hitting an all-time high yesterday.

Seven tokens had made double-digit gains, with NEM (XEM) the best performer behind Enjin Coin, up 29.5 per cent to US86c.

Also hitting all-time highs in the past 24 hours have been XDC Network, Flow, THORChain, LEO Token and SUSHI token, according to Coingecko.