Enjin benefits from Polkadot’s parachain auctions

Enjin has recently become one of the most popular gaming tokens on the market. It has recently seen tremendous increase on the rankings as well. The Efinity Network, on the other hand, has been the driving force behind this expansion, and it is working hard to become what the Enjin community expects.

Nonetheless, the issue remains as to whether Enjin investors will benefit from this position.

Enjin ON!

With the parachain auctions underway and Acala winning the first round, the hype around Enjin’s Efinity Network is growing massively. Interestingly, Acala or Moonbeam is already poised to win the first slot. So, the network is aiming to compete where it could win. And, also trying to get the fourth slot of the auction which will be decided on 2 December.

If it wins the slot, the Efinity Network’s mainnet will become operational by the end of 2021. Notably, it has designs for a $100 million Metaverse fund to support projects on the chain.

Efinity currently has 1.7 million DOT worth $68 million raised. Moreover, it is presently placed 7th in competition with Manta, Clover Finance, Astar, and Parallel Finance.

Parachain auction live status | Source: Parachains.info

Multiple exchanges and protocols have shown their support for Efinity since the start of these auctions. Gate.io, BitMart Exchange, and Indodax are just a few examples of exchanges that have either listed EFI or enabled deposit and trading capabilities. In honour of EFI’s listing, the AAX exchange is giving away 5000 EFI NFTs.

Enjin and its investors have now reaped the benefits of this. Especially considering the altcoin has nearly doubled in value in the last month, representing a 141 percent increase.

Enjin price action | Source: TradingView

As a result, right now almost 95% of all addresses are enjoying profits compared to two months ago when the figures were half of it. Consequently, investors once again have become active, something that is visible in the 160% jump registered on the charts.

Enjin addresses profitability | Source: Intotheblock

However, it is not just retail investors who have become active. Whales too have been enjoying profits and even cashing it in.

Volumes averaging at $10 – $12 million every day for the last month signified that Enjin’s 13 whales are constantly active.

Enjin whales | Source: Santiment

Taking all the aforementioned instances into account, it becomes clear that the network is in a good space now. This can also be backed by the rising market value of ENJ. In fact, the indicator is at its highest in over seven months now.

Enjin MVRV | Source: Santiment

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