Connect with us
[crypto-donation-box]

Blockchain

3 reasons Enjin Coin price surged by over 30% in a single day

Republished by Plato

Published

on

The price of Enjin, the native token of the blockchain gaming and NFT-focused project, has surged by more than 30% in the last 24 hours.

There are three major factors behind ENJ’s strong short-term uptrend, namely the Coinbase listing, technical momentum and the interest around JumpNet.

ENJ price chart since December 2020. Source: TradingView.com

Coinbase listing intensifies interest in Enji

The price of ENJ has been on a gradual uptrend throughout the past month ever since the project announced the release of Efinity and JumpNet.

ENJ started to see a large rally when Coinbase, the top U.S. exchange, announced it will allow users to trade ENJ, an event that was highlighted in Cointelegraph Markets Pro on Wednesday. 

VORTECS™ score (green) vs. ENJ price (white). Source: Cointelegraph Markets Pro

Additionally, the VORTECS™ score, exclusive to Cointelegraph, flipped green prior to the rally, as seen in the chart above. The VORTECS™ score is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

On Thursday, Coinbase Pro announced:

“Starting immediately, we will begin accepting inbound transfers of 1INCH, ENJ, NKN, OGN to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Friday April 9, if liquidity conditions are met.”

A Coinbase listing typically serves as a major catalyst for alternative cryptocurrencies because it introduces the asset to the United States retail market.

The launch of JumpNet and Efinity is crucial

Enjin is also launching two crucial products in the upcoming months: Efinity and JumpNet.

Efinity is a gaming and NFT-focused blockchain that runs on Polkadot. Efinity would be the first blockchain network that is solely optimized for nonfungible tokens. Since there is significant hype around NFTs and the sector is rapidly growing, the interest in Efinity is also rising fast.

Peter Mauric, head of public affairs at Parity Technologies, said:

“Minting NFTs on legacy networks is expensive—financially and environmentally. Polkadot has been designed to solve these structural shortcomings, providing a platform for launching the kind of production-grade infrastructure Efinity represents for NFTs: cheaper for creators and cleaner for the climate.”

Atop Efinity, Enjin is also releasing JumpNet, which is a layer-two scaling solution for Enjin. 

JumpNet allows users to transact using ENJ on gaming platforms with faster and cheaper transactions, which is expected to improve the gaming experience in the Enjin ecosystem.

Mike Abundo, the committee chairman of the Fintech Philippines Association, said:

“Good luck to the @Enjin community on the launch of JumpNet! JumpNet enables fast & free transactions for $ENJ & @Enjin game items. That means you could throw your favorite streamer a powerful @Enjin sword right when they need it in battle, then throw them $ENJ when they win.”

Technical momentum is accelerating

According to the pseudonymous trader Rekt Capital, ENJ is on the verge of seeing a “bull flag” structure against Bitcoin following the breakout on Thursday.

The trader said:

“Despite the downside volatility, ENJ is still showcasing price-strength confirmation at this level Interesting to see if ENJ forms a Bull Flag around these levels, as price has been moving sideways along this local red support for weeks.”

ENJ/BTC price chart (Binance). Source: TradingView.com, Rekt Capital

If the price of ENJ holds above the $2.5 support level, the probability of a broader rally would remain high in the near term.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/3-reasons-enjin-coin-price-surged-by-over-30-in-a-single-day

Blockchain

Reef Finance’s Schedules Mainnet Release for May, Promises Polkadot Integration

Republished by Plato

Published

on

Reef Finance has announced that its Substrate-based mainnet will see the light of day in May 2021. Called Reef Chain, it promises to “make DeFi easy” by enabling developers to use a highly scalable and fully EVM-compatible network that’s integrated into the Polkadot ecosystem.

Reef Chain Coming in May

Reef Finance is a cross-chain DeFi operating system allowing traders to access liquidity from centralized and decentralized exchanges through its smart liquidity aggregator and yield machine. The project outlined the date for its long-anticipated mainnet launch in a press release shared with CryptoPotato.

According to it, Reef Chain will be launched next month after finishing the final checks of the current Maldives testnet. The precise date will “depend on the result of the rigorous tests being conducted right now, though the team is confident that they will be completed soon.”

Upon its release, Reef Chain will enable DeFi developers to produce scalable and EVM-compatible systems integrated into the Polkadot ecosystem. Reef’s new product will be rolled out as a standalone blockchain based on the Substrate framework. This feature will simplify the integration to the Polkadot parachain network.

The mainnet’s compatibility with EVM, meaning developers can write contracts in Solidity or Vyper and deploy them on the chain, and its ability to bridge with other blockchains, including Ethereum, should enhance its interoperability features.


ADVERTISEMENT

No Better Timing

Denko Mancheski, CEO of Reef Finance, outlined Reef Chain’s launch as perfect timing because of the “insatiable” demand for DeFi and the issues he sees with the current ecosystem. More specifically, those are the record-high transaction costs on the Ethereum network and even the struggling lately Binance Smart Chain.

Apart from promising scalability and deeper liquidity integration, Reef Chain is also “committed to helping out developers in their quest to bring their DeFi idea to life.” It plans to do so by enabling them access to Reef’s user base, network partners, investors, exchanges, and media.

“We know the struggles of up and coming developers all too well, and a lot of the time, technical skills are only a part of the equation. By tapping into Reef’s business network, DeFi builders will multiply their chances of success.” – concluded Mancheski.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/reef-finances-schedules-mainnet-release-for-may-promises-polkadot-integration/

Continue Reading

Blockchain

CEO of a Turkish Crypto Exchange Thodex Reportedly Runs Off With $2 Billion

Republished by Plato

Published

on

Nearly 400,000 users of a Turkish cryptocurrency exchange were left out of their accounts without being able to withdraw their funds. The platform’s website has been down for several days, while reports suggest its CEO has already fled the country with up to $2 billion.

Turkish Exchange Does a Rug Pull?

Bloomberg reported yesterday that Thodex, a Turkey-based crypto exchange, has ceased trading, citing an “unspecified partnership transaction.” The founded in 2017 trading platform issued a statement explaining that all services will remain shut down for about five working days. However, the message reassured customers that they shouldn’t worry about their funds.

Approximately at the same time, though, users started to complain about their inability to access their own assets. Some took it to Twitter to exemplify the absurdity of the situation.

More recent coverages asserted that the exchange’s chief executive officer and founder, Faruk Fatih Ozer, who refrained answering comments before, had fled the country.


ADVERTISEMENT

Users Alleging of Fraud

Upon the news of Ozer’s alleged escape from Turkey, users of the local exchange hired a law firm to file a complaint against Thodex. Oguz Evren Kilic, representing an unspecified number of Thodex customers, confirmed the development, saying, “we have filed a legal complaint on Wednesday.”

He speculated that the funds on the Turkish exchange could be worth “hundreds of millions of dollars,” keeping in mind that the user base is just shy of 400,000. A prosecutor in Istanbul has reportedly launched an investigation.

According to another report, Thodex’s CEO and founder has run away in Thailand with an estimated amount of roughly $2 billion.

It’s worth noting that Turkish authorities have already taken a steep approach towards the cryptocurrency industry. CryptoPotato informed last week of the country’s latest rule on digital assets, banning users from using them as payment instruments from April 30th.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ceo-of-a-turkish-crypto-exchange-thodex-reportedly-runs-off-with-2-billion/

Continue Reading

Blockchain

Chainlink is uniquely placed to play this out in the market

Republished by Plato

Published

on

2021 has been a good year for Chainlink, the project growing leaps and bounds over the past few months. What’s more, LINK has continued to build on its foundations from last year, with the altcoin surging up the charts over the past few months. In fact, on the back of the wider market’s bullishness, LINK touched a new ATH on the charts just a few days ago.

At the time of writing, however, the aforementioned bullishness had given way to a wave of corrections, with the altcoin trading at a price level that was 18% away from its ATH.

Source: LINK/USD on TradingView

What does this mean then? Has LINK’s price rally finally exhausted itself? On the contrary, a closer look at factors such as ecosystem-centric developments, metrics, and technical fundamentals would suggest quite the opposite.

The most crucial of these ecosystem-centric developments came to the fore a few days ago when the project released the whitepaper for its next protocol upgrade – Chainlink 2.0. As the DeFi sector’s leading decentralized oracle provider, this is a significant development, especially in light of the inflows that have been moving into DeFi over the past few months.

The whitepaper in question proposed a roadmap of Chainlink’s future, one which sought to address the limitations that were part of the initial whitepaper. Smart contracts with limited functionality, for instance. According to a recent report by OKEx Insights,

“Chainlink 2.0 addresses these limitations by enabling hybrid smart contracts in DONs — allowing blockchain protocols to access off-chain data sources and perform off-chain computations.”

What’s more, 2.0 also seeks to make oracles much more scalable, with the addition of the ability to perform off-chain calculations and the introduction of a “transaction-execution framework for Decentralized Oracle Networks which processes off-chain transactions and oracle reporting.”

Finally, Chainlink 2.0 will also be a step towards strengthening privacy protections on the blockchain network with the addition of confidentiality-preserving adapters and support for confidential layer-2 systems.

Needless to say, this a major update, one that could have major repercussions on the value of LINK on the price charts. However, contrary to expectations, when the paper was first made public on the 15th of April, the altcoin’s market failed to react. In fact, it corrected instead.

Why? Well, because the rest of the market corrected too on the back of Bitcoin’s depreciation and fall below the $60,000-level. In doing so, what can be argued is that LINK’s price is yet to price in the aforementioned development. This means that when the bearish phase passes and consolidation ensues, there is potential for a lot more upside in the Chainlink market.

In fact, it can be hypothesized that LINK, more than most altcoins in the space, is better placed to see more upside in its price action in the near term. This, because despite how it has performed over the past week, LINK’s fundamentals remain pretty strong.

Consider this – According to Glassnode, the top 1% of LINK addresses now hold over 84.44% of the altcoin’s supply, a 3-year high. This finding is a testament to the accumulation trend in the Chainlink market, one that underlines the confidence the market’s whales have in the alt’s long-term credentials.

Source: Glassnode

Further, LINK’s Exchange Outflow Volume (7d MA) also touched an ATH of $3,753,855.00 recently, with the same suggesting that more and more people are now moving their crypto-assets off exchanges to HODL, with these unlikely to be sold anytime soon.

Here, it’s worth noting that in the past, whenever this metric has risen, the altcoin’s value has fallen on the charts immediately after. However, LINK’s price has also touched higher highs whenever recovery has ensued, meaning, this could be a sign to buy in.

Source: Glassnode

Finally, the number of active LINK addresses also surged to a 1-month high in the last 48 hours, despite the general market bearishness another sign of there being a lot of optimism associated with the alt’s price performance.

It’s no wonder then that many in the community expect the cryptocurrency to reignite its rally in the near term, especially since traditionally, the cryptocurrency has maintained a lower correlation with the king coin, when compared to the likes of Ethereum and Litecoin. This, coupled with its strong fundamentals, might allow LINK to surge again, independent of the rest of the market.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/heres-why-chainlinks-price-rally-isnt-over-yet

Continue Reading
Blockchain4 days ago

Why April 20 is an important day for Dogecoin?

Blockchain5 days ago

Venus (XVS) price aims for $100 amid rising TVL and surge in DeFi users

Blockchain4 days ago

All Hands on Deck for IOTA’s Chrysalis 2.0, This Is What You Need to Know

Blockchain3 days ago

Rothschild Investment Buys $4.75M in Shares of the Grayscale Ethereum Trust

Blockchain3 days ago

COINQVEST and Anclap introduce inflation free cryptocurrency payment processing for Argentina

Blockchain4 days ago

Polkadot, Cosmos, Enjin Price Analysis: 18 April

Blockchain4 days ago

Crypto users demand reinstatement of Pakistani government adviser following sudden resignation

Blockchain4 days ago

$10 Billion in Liquidations as the Crypto Market Cap Evaporated $360B in Hours

Blockchain3 days ago

Uniswap, Filecoin, VeChain Price Analysis: 19 April

Blockchain5 days ago

VeChain Mentioned in 2021 Forbes Blockchain 50, Parabolic Move In Sight?

Blockchain3 days ago

Are we there yet? Here’s why one analyst says its not ‘altcoin season’

Blockchain5 days ago

Uniswap Price Analysis: 17 April

Blockchain4 days ago

Why A Central Bank of China Official Said Bitcoin Has Major Role in the Future

Blockchain5 days ago

How r/WallStreetBets Triggered DOGE Rally – Reasons for Bitcoin Sell-off

Blockchain4 days ago

SEC loses a battle to win the war? Ripple dissociates from pumping XRP

Blockchain4 days ago

Polkadot Price Analysis: 18 April

Blockchain5 days ago

India Is Scoring Big On The Crypto Front Despite Looming Government Crackdown

Blockchain4 days ago

Bitcoin: ‘You’re definitely a moron if you sell in a bull run and try to buy back lower’

Blockchain5 days ago

Bitcoin dips under $60,000 — What’s pulling down BTC price?

Blockchain5 days ago

Coinbase frenzy, DOGE dazzles, Bitcoin breaks records, Jim Cramer sells: Hodler’s Digest, April 11–17

Trending