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Enjin Enjoys 50% Rally After Microsoft’s Collaboration Announcement

Enjin Enjoys 50% Rally After Microsoft’s Collaboration Announcements

The Enjin gaming blockchain has enjoyed a strong surge in the project’s native token that spanned around two days after an announcement regarding Enjin and Microsoft. This announcement signaled Microsoft’s collaboration with the gaming startup in the new community project: Azure Heroes.

Good News Means Good Sentiment

The Enjin coin (ENJ) rose dramatically after Wednesday’s news of their new collaboration with Microsoft. The partnership, built around a rewards scheme that makes use of Enjin technology and the Ethereum blockchain, focuses on rewarding community members with a non-fungible token (NFT). These NFTs are given out as a reward for things like providing demos, mentorships, content creation, innovation, and more.

This is the second significant rise in Enjin coin price after a heavyweight tech company threw its support for the coin. When Samsung added Enjin’s crypto to its Blockchain Keystore to its Galaxy S10 model back in March, the Enjin coin’s price rose up 70%. After that stark rise, ENJ has been suffering a decline. From the high it recorded at $0.25, they managed to hit a low of $0.046 at the end of November.

Samsung Rolling Out Its Own Ethereum-Powered Blockchain, Plans New Token
Source: CoinRevolution.com

Enjin’s Previous Skyrocket

With the latest rally fueled by Microsoft instead of Samsung, the price of Enjin coins peaked at $0.1059 on Friday morning, according to the data CoinMarketCap provides. At the time of writing, the price has gone down to $0.092, showing that the steam is already running out.

The Enjin Coin has been relatively stuck between two defined areas. The prices range between $0.051 and $0.068 for 72 days, excluding the latest bullrush that’s happened now.

The bullish side of the Enjin coin holders were no doubt eager for a new rush in price due to some new development. Those prayers seem to have been answered thanks to the Microsoft announcement lighting a fire under the Enjin coin’s seat. A sharp breakout occurred very shortly after the news started to spread.

The Future of Enjin

Rico Solo has been investing in small-cap coins, the Enjin coin included, for quite some time. He told the press that he plans on a 25% profit with the rally, not risking more lest he faces another downfall in prices.

He explained that he bought in just before the Samsung news hit the media back in early 2019. He was so eager to gain a significant profit that he waited for a considerable price increase but failed to sell when the pricing hit its peak. The price of Enjin coins dropped hard after the peak, and Solo was forced to reevaluate his business strategies.

What this means for Enjin in the future remains to be seen, but the Singapore-based company has caught the eyes of the largest tech giants this world has. No doubt, Enjin, and its namesake coin will make big waves in the future.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.