Enjin Coin Soars to Highest Price Since November Amid Short Liquidations and Metaverse Booms

• Enjin Coin (ENJ) has had a strong rally in 2023, with it trading at its highest price since November 10.
• The rally is mainly due to the increase in short liquidations and the surge of metaverse tokens like Decentraland’s MANA and Sandbox’s SAND.
• Data from CoinGlass shows that over $539k worth of short sales were liquidated on Thursday, with inflation numbers dropping in December.

Enjin Coin (ENJ) has had a strong rally in 2023, with it trading at its highest price since November 10. The rally has been driven by a number of factors, including increasing short liquidations and the surge of metaverse tokens like Decentraland’s MANA and Sandbox’s SAND.

Data from CoinGlass shows that over $539k worth of short sales were liquidated on Thursday, indicating a significant increase from the $257k liquidations on Wednesday. This surge in liquidations is mainly attributed to the ongoing macro issues as inflation started to drop. On Thursday, numbers revealed that the producer price index (PPI) dropped in December.

The other main reason why Enjin coin price has risen is simply because of the performance of NFT and metaverse tokens. Over the past few weeks, we have seen most well-known metaverse tokens like Decentraland’s MANA and Sandbox’s SAND surging. This is mainly due to the increasing demand for NFTs among investors and collectors. The demand for NFTs has also been driven by the increasing attention from institutional investors, who have been buying up the tokens in droves.

In addition, the increasing popularity of decentralized finance (DeFi) has also been driving up the demand for Enjin Coin. This is mainly because the coin is used as collateral for a number of DeFi services. The wider DeFi ecosystem has also been driving up demand for ENJ as traders are drawn to its low transaction fees and quick transaction speeds.

Overall, Enjin Coin has had a strong rally in 2023, with it trading at its highest price since November 10. The rally is mainly due to the increase in short liquidations and the surge of metaverse tokens like Decentraland’s MANA and Sandbox’s SAND. The increasing demand for NFTs, the popularity of DeFi, and the falling inflation have all played a role in driving up the price of ENJ.