How does ENJ benefit from Polkadot’s Parachain auctions?

To date, ENJ has grown to be one of the best gaming tokens out there. Recently, the price rose significantly in the charts. The catalyst for this growth is that Efinity Network is working hard to meet the expectations of the Enjin community.

Can investors still get something out of this scene?

Enjin: Good candidate

With the Parachain auctions going on and Acala winning the first round, the hype about Enjin’s Efinity Network is getting much stronger. What is interesting is that Acala or Moonbeam are ready to take first place. The network continues to fight for profitable positions and is also trying to get fourth place in the auction that was decided on 2/12.

If it wins, Efinity Network’s mainnet will be operational in late 2021. In particular, it has a $ 100 million Metaverse fund to support on-chain projects.

Efinity has now raised 1.7 million DOTs worth $ 68 million. In addition, it currently ranks 7th in competition with Manta, Clover Finance, Astar and Parallel Finance.

the auction P.arachain | The source: Parachains.info

With this in mind, many exchanges and protocols have chosen to support Efinity. Gate.io, BitMart Exchange, and Indodax are a few examples that EFI have listed or added support for deposits and trading. AAX Exchange also announced a 5000 NFT EFI giveaway to celebrate EFI listing.

This really benefited Enjin and the investors. Especially since the altcoin was traded more than 2x higher in the last month, which means an increase of 141%.

Price action by ENJ | The source: TradingView

As a result, almost 95% of the addresses are now profitable, compared to half two months ago. As a result, investors have returned to action and are up 160% on the charts.

The number of profitable addresses has risen sharply | The source: In the block

But not only active private investors, whales have enjoyed profits and even taken profits.

The average volume of $ 10-12 million per day shows that ENJ’s 13 whales are continuously active.

whale | The source: mood

Given all of the above, it is clear that the network is now working fine. At the same time, this also supports the increased market value of ENJ. In fact, the indicator is now at its highest level in more than 7 months.

MVRV rate of ENJ | The source: mood

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