ENJ's value has risen by 800% in a month, and jumped from $0.34 to $3.09 between February 23 and March 15, according to TradingView and CoinTelegraph Markets.
The new report by CoinTelegraph exemplified the immense staying power of the Enjin Coin (ENJ) token with the company proving an important aspect of the current demand for non-fungible tokens (NFTs).
Owing to the prescience co-founder Witek Radomski, who was involved in the ERC-1155 token standard, which led to the creation of the NFTs on the Ethereum ecosystem, ENJ is now in a good place to continue climbing up.
One of the reasons behind this development is the fact that Enjin enabled JumpNet, a project that uses an alternate version of the Ethereum protocol to slash gas prices using a Proof of Authority (PoA) consensus mechanism.
Because of high-transaction costs proving a constant issue, Enjin has tried to work around this problem and it has more or less succeeded. Enjin is also planning on adding Efinity, a decentralized blockchain for NFTs, which can be another huge boon to the platform given the non-fungible token economy's mounting success.
Speaking of NFTs, it's an inescapable fact that ENJ definitely benefited from NFTs going mainstream and people deciding to embrace anything from fan tokens to seconds long NBA highlight videos.
There have been many new games for the Enjin ecosystem, giving it a nice boost as well, with titles such as Ludena Protocol, The Six Dragons and Age of Rust all contributing to the ecosystem's popularity.