Using Enjin Coin (ENJ), individuals, businesses, and brands can easily use non-fungible tokens (NFTs). NFTs minted within the Enjin ecosystem are directly backed by ENJ. Many prominent altcoins lost a huge chunk of their value since the crypto crash of 2021. This year however, the prices are steadily climbing, as Bitcoin and Ethereum continue to rise.
Investors HODL as ENJIN Token’s CMF Chart Indicates Move Towards ATH
ENJ, the native token of the community management platform, has risen by 25.21% in the last five days. As the Chaikin Money Flow (CMF) indicates, this rise is organic as inflows have been noted throughout this rise. Even though this is a good sign for short-term traders, the altcoin’s long-term image remains disappointing. In November last year, ENJ marked a new ATH, but it was barely higher than its April 2021 ATH of $4.03. However, ENJ has declined by more than 88% over the past eight months. The average balance on every investor’s account was highest in April 2021, even though the price action peaked in November. Usually, a lower average balance is caused by an increase in addresses or a decrease in prices. November’s $24k average was due to an increase in ENJ holders. Due to the falling price, the average balance has fallen to just $2.5k.
Despite the decline of 89% in balance, investors have not lost faith in the altcoin. In spite of ENJ’s 88% price drop, none of its 168k holders have left the market. Enjin holders’ resilience can be seen in their willingness to stand their ground despite the highest market-wide losses of $60 million on 14 June. A total of $65 million in losses was recorded as a result of the transactions conducted by investors on that day. The Squeeze Momentum Indicator seemed to indicate further price declines even on a short-term scale. Compared to the broader market trend, this is likely to be more appropriate.