Here’s Why Enjin (ENJ) Tumbled Over 12% in 24 Hours

Enjin (ENJ), an Ethereum-based platform that makes non-fungible tokens accessible to users via games and other platforms, has lost over 12% of its value within a few hours. This price drop follows news of an impending suspension from the publicly traded crypto exchange Coinbase.

Coinbase to Delist ENJ

In a May 31st announcement, Coinbase stated that ENJ will be delisted from its platform for failing to meet its listing criteria. The American exchange added that the action will occur on June 14th. The suspension will appear on Coinbase’s official website, Coinbase Exchange, Coinbase Prime, and native decentralized exchange (DEX).

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Enjin Coin (ENJ) on June 14, on or around 2 PM ET.

— Coinbase Assets 🛡️ (@CoinbaseAssets) May 31, 2024

Recall that Coinbase listed the Enjin coin in April 2021, alongside other altcoins like 1inch (1INCH) and Origin token (OGN). However ENJ and 1INCH were not launched to Coinbase users in New York.

ENJ’s market performance has significantly changed since Coinbase’s announcement. Its price has dropped by 12.89% at press time to $0.317. Its trading volume has also risen by over 106% in the past 24 hours, indicating that holders are rapidly trading the token before the deadline.

Source: CoinMarketCap

MTL to be Delisted

Enjin coin is not alone in Coinbase’s latest suspension list. Metal DAO (MTL), a utility token tied to a stablecoin called Metal Dollar (XMD), will also be delisted by Coinbase on June 14th.

According to the announcement, MTL will migrate from the Ethereum network to a “banking layer” blockchain called Metal L2 via an airdrop. Coinbase explained that it would either support the airdrop or continue to list the MTL token on its platform.

Meanwhile, there have been talks about Coinbase listing other prominent cryptocurrencies like PEPE, the popular frog-themed memecoin built on the Ethereum blockchain. However, Coinbase has yet to make such a move.