Coinbase, a major cryptocurrency exchange, has announced the delisting of Enjin Coin (ENJ) from its platform. This move, although pre-announced, has created a significant stir in the market. Known for its high trading volumes, Coinbase’s decision has had an immediate impact on ENJ’s market performance.
Why Did Coinbase Delist ENJ?
The decision by Coinbase to disable trading for Enjin Coin has raised many eyebrows. The exchange clarified that while trading has been halted, users’ funds remain accessible for withdrawal at any time. The move underscores the influence major exchanges hold over specific cryptocurrencies, often leading to substantial market reactions.
What Happened to ENJ’s Price?
Following the delisting news, Enjin Coin experienced a sharp decline in its price. As of now, ENJ is trading at $0.2085, marking an 8.51% drop in the last 24 hours. This decline has also affected the altcoin’s market capitalization, which has shrunk to $306 million, pushing it down to the 182nd position on CoinMarketCap’s volume rankings.
Despite the price drop, trading activity around ENJ showed an interesting trend. The 24-hour trading volume saw a slight increase of 1%, reaching over $19 million, indicating that investors are actively trading the asset amid the uncertainty.
Insights for Investors
- Monitor exchange announcements closely as they can have immediate impacts on asset prices.
- Keep an eye on trading volumes as they can signal market sentiment shifts.
- Understand that delisting by major exchanges can significantly affect an asset’s market cap and ranking.
Investors are now closely watching further developments in the wake of Coinbase’s decision. The market’s response to this delisting serves as a reminder of the volatility and rapid changes prevalent in the cryptocurrency world.