ENJ-in need of oiling as these metrics invoke investors’ fear

In the last few days, many cryp­to assets reg­is­tered gains amid the gen­er­al cryp­tocur­ren­cy mar­ket recov­ery. But the price of the ENJ token has reg­is­tered no sig­nif­i­cant traction.

On 21 July, Enjin reached an impor­tant mile­stone as it announced its part­ner­ship with Square Enix to make brand­ed tok­enized collectibles. 

Accord­ing to the press release, the con­sum­ma­tion of the part­ner­ship will lead to the launch of a dig­i­tal col­lec­tion of Final Fan­ta­sy VII 25th Anniver­sary cards and fig­ures to be made avail­able on Efin­i­ty, a cross-chain net­work for the sale and pur­chase of NFTs.

At $0.6019 at the time of press, the news of the announce­ment failed to get hold­ers excit­ed about accu­mu­lat­ing more ENJ tokens. Let’s take a look at per­for­mance since 21 July.

ENJ-in needs oiling

On 21 July, when the part­ner­ship was announced, ENJ trad­ed at $0.59. Exchang­ing hands at $0.60 at the time of writ­ing, only a 2% uptick in price was record­ed in the last three days. 

With min­i­mal price action, it was not sur­pris­ing to have spot­ted a decline in the token’s trad­ing vol­ume with­in the same period. 

Drop­ping from 128.45 mil­lion on 21 July to 85.54 mil­lion by press time, the token reg­is­tered a 33% decline in its trad­ing vol­ume in just three days. 

Inter­est­ing­ly, despite the mea­ger price growth, the token’s mar­ket cap­i­tal­iza­tion increased by 5% since 21 July. 

Source: San­ti­ment

Despite low price action in the last 24 hours, a look at the move­ment of the token on a dai­ly chart revealed a steady incre­ment in buy­ing pressure. 

At press time, the Rel­a­tive Strength Index (RSI) and Mon­ey Flow Index (MFI) were spot­ted in uptrends at the 58.53 and 59.06 index­es, respectively. 

Source: Trad­ingView

On-chain performance

As per data from San­ti­ment, key met­rics for track­ing the token’s net­work activ­i­ty have declined since 21 July. 

For exam­ple, new address­es cre­at­ed on the ENJ net­work have dropped by 26% in the last three days. 

Also, the index for the unique address­es that trans­act­ed ENJ since 21 July fell from 736 address­es to 140 address­es by press time.

Source: San­ti­ment

On a social front, while the token’s social dom­i­nance logged a 36% decline since 21 July, its social vol­ume rose by a mere 3% since then. 

Source: San­ti­ment

Despite the token’s unim­pres­sive per­for­mance in the last few days, the price of ENJ has seen a 25% uptick since the begin­ning of the month.