ENJ price plunges as Coinbase confirms plans to delist Enjin Coin

June 01, 2024 04:48 AM AEST | By Invezz

ENJ price plunges as Coinbase confirms plans to delist Enjin Coin — Image source: Invezz

Coinbase suspends ENJ

Crypto exchanges delist assets to make them unavailable for trading by their users. While these are rare, trading platforms have various reasons for such a decision.

For instance, digital assets witness accelerated suspension during declined trading volumes.

However, Coinbase’s move suggests a crucial problem for Enjin as the alt maintained a healthy outlook before the announcement.

Coinbase delists ENJ after launching meme coins full trading

Notable, Coinbase’s decision to suspend ENJ trading comes a day after it added meme assets Shiba Inu, BONK, and FLOKI for full trading.

⚡️@coinbase 's launch of full trading for @Shibtoken, $FLOKI (@RealFlokiInu ) and $BONK (@bonk_inu ) aims to boost their prices amid a sluggish #crypto market, sparking investor optimism despite recent declines📉 — Mohammad Amil (@mohammadamil66) May 31, 2024

Enabling full trading mode for the themed tokens underscored the exchange’s dedication to ensuring multiple options for users.

Previously, Coinbase allowed access to these memes in a post-only manner. Nonetheless, enthusiasts can trade SHIB, FLOKI, and BONK using market and stop-limit orders.

The move highlights the surging demand for meme crypto assets on Coinbase.

ENJ’s current price action

The altcoin responded to the announcement with a notable downward move.

Enjin Coin painted its daily price chart red as it lost over 15% to trade at $0.3101 at press time.

While broad market weakness triggered ENJ’s dip, Coinbase’s delisting updates intensified the decline.

Enjin Coin’s daily trading volume increased by 80% to $33.97 million, highlighting increased trader activity.

Market participants could be cashing out to escape more pain, thus the surging 24-hour trading volume.

Investors will likely watch any further developments about Coinbase removing ENJ and whether an XRP-like move would be possible.

The post ENJ price plunges as Coinbase confirms plans to delist Enjin Coin appeared first on Invezz

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Coinbase suspends ENJ

Coinbase delists ENJ after launching meme coins full trading

ENJ’s current price action

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