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Enjin Coin Price Movement: Can the $100 million allocation to fund a metaverse have an impact?

By: Invezz

Enjin Coin ENJ/USD is an Ethereum-based token that makes it easy for users to use non-fungible tokens (NFTs), and it is a requirement within the Enjin Ecosystem.

Enjin is a software that encourages developers to create as well as manage virtual goods on the Ethereum blockchain and has even released software development kits (SDKs) to allow users to create digital assets and integrate them into games.

The $100 million funding for a metaverse as a catalyst for growth

On October 5, the blockchain game launchpad EnjinStarter partnered with Enjin to fuel the growth of the ecosystem.

On November 4, Enjin announced through their Twitter account that they are allocating $100 million to the Efinity metaverse fund.

This formalized their approach towards building out the cross-chain metaverse and their NFT ecosystem in a systematic way.

This fund will aim to support both Enjin and Efinity adopters and other organizations working on the Enjin Ecosystem integration, Metaverse Projects, Gaming, NFT Decentralized applications (dApps), and projects, the decentralized infrastructure, and on pioneering projects.

This announcement comes prior to the team’s upcoming bid towards acquiring a parachain slot on Polkadot.

Polkadot can only support 100 parachains, and as such, each project has to compete in auctions. Additionally, Witek Radomski, who is the co-founder and the CTO of Enjin, said that Efinity would attract new mainstream gamers and NFT collectors to the Polkadot ecosystem.

This $100 million fund also can strengthen the cross-chain NFT infrastructure between Polkadot and Ethereum.

Should you buy Enjin Coin (ENJ)?

On November 5, Enjin Coin (ENJ) was worth $3.219.

To get an indication as to what this value means for the token and how much potential it has for growth, we will be comparing it to its all-time high value as well as its performance in October.

ENJ achieved its all-time high value on April 9, when the token had a value of $3.94. This means that ENJ is close to its all-time high, where its value on April 9 was just $0.721 higher or 22% higher than its value on November 5.

In terms of the performance in October, ENJ started October 1 with its lowest value of $1.2959.

Its highest value point was on October 31, when the token reached a value of $3.1917.

We can see that the token increased by $1.8958 or by 146% within the span of October.

According to data from IntoTheBlock, Enjin Coin saw $929.56 million in transactions greater than $100,000 within the last seven days.

Furthermore, within that same span of time, it saw $178.15 million in total exchange inflows as well as $170.57 million in total exchange outflows.

As such, we can expect Enjin Coin (ENJ) to reach $4 by the end of November, getting to a new ATH value.

The post Enjin Coin Price Movement: Can the $100 million allocation to fund a metaverse have an impact? appeared first on Invezz.

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