ENJ price has been in a downtrend since dropping from its year-to-date peak of $0.55 in February. On-chain data show that euphoric market sentiments and growing panic among long-term investors could slow down the momentum for a rebound. Will ENJ drop further in the coming weeks?
Enjin Coin (ENJ) is the native cryptocurrency of the Enjin Network, an ecosystem of interconnected, blockchain-based social gaming products. Following a strong start to 2023, metaverse and GameFi projects have recently struggled to keep up the momentum. Bearish signals from critical on-chain metrics suggest that the recent ENJ price correction could be further exacerbated.
Panic Grows Among Enjin Long-Term Holders
According to data from Santiment, there is growing sell pressure among long-term participants on the Enjin network. Tentatively, this could trigger a further price drop in the coming weeks. The chart below shows how Enjin Coin Age Consumed has increased significantly compared to the values recorded in late February and early March.
Between March 14 and April 10, ENJ Age Consumed spiked by 2,000%, from around 112 million to 2.57 billion.
An increase in Age Consumed means coins held by long-term investors are on the move as they position to book profits. With older coins being brought back into circulation, ENJ could experience increased supply and heightened sell pressure across the markets.
Similarly, a comparative rise in the mentions of the Enjin project across crypto
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Author: Ibrahim Ajibade
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