Why Is Enjin Coin (ENJ) Trading 40% Higher Today?

Enjin Coin (ENJ), a cryptocurrency that facilitates the use of non-fungible tokens or NFTs, soared nearly 40% in a 24-hour period leading up to press time Wednesday evening. 

What Happened: ENJ traded 38.63% at $1.76 at press time. The cryptocurrency spiked 41.94% and 41.35% against Bitcoin (BTC) and Ethereum (ETH), respectively. 

See Also: How to Buy Enjin (ENJ)

Other notable gainers at press time included Chiliz (CHZ), up 15.47% at $0.30, and Nexo (NEXO) up 13.85% at $2.31 over a 24-hour period. 

Over the course of seven days, ENJ has risen 52.32%. Since the year began the token has skyrocketed 1,253.85%.

The apex cryptocurrency, BTC, traded 2.75% lower at $37,935.49 at press time, while ETH traded 2.44% lower at $2,723.59 at press time in a 24-hour period.

A week ago, ENJ announced they were dropping 50,000 NFTs on social media.

Get ready for the biggest Enjin QR drop to date!

We're dropping 50,000 #NFTs on May 21

Download the Enjin Wallet today and prepare to scan and collect the limited $ENJ NFT giveaway tomorrow.

https://t.co/LeHspnh8WK pic.twitter.com/1OvMHmw1id

— Enjin (@enjin) May 20, 2021

Later, Enjin announced they were giving away 50 ENJ to 10 participants who shared a screenshot of their first NFTs on Twitter. 

Why It Matters: NFT art has fetched high valuations in the recent past with digital artist Beeple selling a piece for $69 million and work from a humanoid robot fetching $700,000.

See Also: Why Ethereum Co-Founder Sees More Potential In NFT Than Just A 'Casino' For Wealthy Celebs

In March, Microsoft Corporation MSFT launched an in-browser game that awarded players with NFTs inside Minecraft for which it teamed up with Enjin, as per CoinDesk. 

ENJ is also reportedly the first gaming cryptocurrency to be whitelisted in Japan and receive a nod from the country’s Currency Exchange Association. 

In April, Coinbase Global Inc COIN allowed ENJ to be traded on its platform.

Read Next: 7 Strange Things You Can Own As A Non-Fungible Token (NFT)