• Enjin Coin (ENJ) has been on an unstoppable bull run in 2023, trading at its highest since November 10 of this year.
• Short liquidations for Enjin have jumped to the highest level in months, with over $539k worth of short sales liquidated on Thursday.
• The strong performance of NFT and metaverse tokens like Decentraland’s MANA and Sandbox’s SAND has also contributed to the surge in Enjin’s price.
Enjin Coin (ENJ) has been having an incredible run in 2023, with its price surging to its highest level since November 10 of this year. The digital asset is currently trading at $0.47, according to CoinDesk, with its market capitalization reaching over $2 billion. This impressive bull run is partly driven by the rise in short liquidations.
CoinGlass data shows that over $539k worth of short sales were liquidated on Thursday, which is a significant increase from the $257k short sales liquidated on Wednesday. This trend is likely driven by the macroeconomic issues and inflationary pressures that have been seen over the past few weeks. On Thursday, numbers revealed that the producer price index (PPI) dropped in December, continuing the deflationary trend.
In addition to short liquidations, the strong performance of NFT and metaverse tokens like Decentraland’s MANA and Sandbox’s SAND has also contributed to the surge in Enjin’s price. Both of these tokens have been on an upward trajectory since the start of the year, with MANA up over 200% and SAND up over 400%. These impressive gains have helped to pull ENJ higher, as investors look to capitalize on the potential of the digital asset.
The rise in Enjin’s price is a positive sign for the broader cryptocurrency market, as it indicates that investor sentiment is still strong. The digital asset has been able to hold its own against other coins in the top ten, and its continued growth could be a sign of things to come. With more positive news and developments on the horizon, it’s likely that Enjin will continue to see strong gains in the near future.