• Enjin Coin (ENJ) has been in an unstoppable bull run in 2023, jumping in all but two days this year.
• Short liquidations have jumped to the highest level in months and the producer price index (PPI) dropped in December.
• Metaverse tokens like Decentraland and Sandbox have also surged, leading to the rise of Enjin Coin.
Enjin Coin (ENJ) has been on an incredible bull run in 2023, soaring in all but two days this year and reaching a high of $0.47 on Thursday. This surge is largely due to the increase in short liquidations, which have jumped to the highest level in months, as well as the drop in inflation, which was revealed by the producer price index (PPI) on Thursday. The rally has also been driven by the performance of metaverse tokens such as Decentraland and Sandbox, which have seen a sharp rise in value.
The surge in short liquidations is largely due to the macroeconomic issues that have been taking place in the past few weeks. Data from CoinGlass shows that over $539k worth of short sales were liquidated on Thursday, an increase from the $257k that was liquidated on Wednesday. This upward trend is being seen as inflation continues to remain under pressure, with the PPI dropping in December.
The performance of metaverse tokens also has a major influence on Enjin Coin’s price. Decentraland’s MANA and Sandbox’s SAND tokens have seen a sharp increase in value, which has had a positive effect on the price of ENJ. The rising demand for NFTs and virtual assets has also been a driving factor in the rally.
Overall, the combination of short liquidations, falling inflation, and rising metaverse tokens has been a major driver of Enjin Coin’s price. With the digital asset continuing to make strong gains, it will be interesting to see how this trend continues in the coming weeks.