Enjin (ENJ) Among Top 10 Crypto Choice Of ETH Whales In Last 24 Hours

Christian Encila

2 years ago

3 mins read

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Cryptocurrency whales are now investing heavily on Enjin Coin. Cryptocurrency whale tracker WhaleStats reports a total of 28,551,132 ENJ coins are in the whales’ possession.

Given that one token is now trading at a market price of $0.4141, this amounts to $11.8 million.

In tandem with the whale frenzy on ENJ coin, the Enjin development team has also launched a beta version of their native wallet. More investors will get behind the idea and the coin if these trends continue.

JUST IN: $ENJ @enjin now on top 10 by trading volume among 500 biggest #ETH whales in the last 24hrs ?

Peep the top 100 whales here: https://t.co/tgYTpOmDm0

(and hodl $BBW to see data for the top 500!)#ENJ #whalestats #babywhale #BBW pic.twitter.com/CKt2sXrUUf

— WhaleStats (tracking crypto whales) (@WhaleStats) October 22, 2022

Consequently, this is good news for the ENJ coin’s market price. Despite this, the coin has an extremely negative market mood.

Enjin Needs A Shot In The Arm

As of this writing, token metrics are not encouraging. Coingecko reports that, over the past 24 hours, the coin has gained 0.7%, which is not nearly enough to make up for the losses incurred over the preceding seven days.

Each of the weekly, biweekly, and monthly averages is in the red. Meanwhile, a Twitter user by the name of CryptoDoc said that ENJ coin would never again be worth what it is now. This could serve as a synopsis of the data presented in the graphics.

Chart: TradingView

Currently, the cryptocurrency is trading at levels not seen since February last year. The currency reached this level during the June fall and returned to the $0.75 price range in August. Nonetheless, larger market pressures drove the price to a low in June.

This is an important juncture for the coin. Anything below this threshold will render ENJ useless in the Enjin ecosystem.

What Lies Ahead For ENJ

The most probable future for ENJ is a bearish one, some analysts say. As of this writing, the momentum indicator suggests a continuation of the downturn to the trough in January 2021. Current RSI values support this notion.

However, according to Chaikin’s money flow indicator, bulls currently control the market. This may have been caused by the whale buying binge. The Stoch RSI values support a possible bullish activity in the near future.

The triangle pattern that has formed as a result of the coin’s past price movements will pose a significant barrier to any potential rebound.

For a price recovery to occur, today’s candle must close green, which is a bullish indicator for investors and traders.

A green ending price today could provide ENJ with the impetus required to test the $0.443 barrier level.

Crypto total market cap at $890 billion on the daily chart | Featured image from The VR Soldier, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.