Upbit, one of the world’s leading BTC and altcoin exchanges, announced in a recent official statement that it has made significant changes to the trading support for Enjin Coin (ENJ). These changes come in light of recent developments, especially the integration of Enjin Coin with the Ethereum-based Enjin platform and the launch of Enjin Network and its native token Enjin Network (ENJ).
Delist has arrived for altcoin
Trading support for Engine Coin (ENJ) on Upbit’s platform is scheduled to end at 18:00 KST on October 10, 2023. This announcement aroused great interest among cryptocurrency traders and enthusiasts. An important point to note is that all pending orders on the KRW market, both buy and sell, will be automatically canceled once trading support for Enjin Coin ends. However, orders placed on the BTC market will remain unaffected, providing some relief for users trading ENJ against Bitcoin.
The primary driving force behind this decision is the significant transformation in Enjin Coin’s ecosystem. The integration with the Ethereum-based Enjin platform and the subsequent launch of the Enjin Blockchain and the Enjin Network (ENJ) token has led to a shift in circulation dynamics. It is important to highlight that EFI, the digital asset associated with Efinity, is not supported for trading on Upbit and users cannot withdraw EFI from the platform. These measures are in line with Upbit’s commitment to maintaining a safe and harmonious trading environment.
ENJ price fell slightly
One of the most notable changes is the expansion of the maximum issuance of Engine Coin from 1,000,000,000,000 ENJ to 1,750,000,000,000 Enjin Network ENJ following the mainnet launch. In addition, the network now had an inflation rate of up to 5% per year with no predetermined limit on maximum supply. As of the latest data available, the live Enjin Coin price is $0.221930. Additionally, the 24-hour trading volume is $48,359,632. Over the past 24 hours, Enjin Coin has fallen by 4.26%. In terms of market cap, it is currently ranked 118th and has a market cap of $221,930,256.
It is not immediately clear that the transformation in the Enjin ecosystem is behind the Delist news. Therefore, ENJ’s price reacted to the news with a decline. Cryptocurrency dropped to $0.2167 in the last 24 hours. Previously, it was changing hands around $0.233. That is, it lost more than 6 percent of its value. However, at the time of writing it is a little more collected. Because the cryptocurrency is traded at $ 0.2225.
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