Price of EnjinCoin Settles Near $0.40 After Major Surge

In recent weeks, many coins have seen absolute explosions in value. The top 10 and top 50 market cap rankings have been penetrated by a number of new contenders, some ascending from well outside the top 100. With many developments poised to occur this month and this quarter, investors are wildly bullish on an array of cryptocurrencies.

Among these projects is EnjinCoin (ENJ), whose mobile wallet is slated for release as soon as tomorrow. The wallet is rumored to boast the greatest security of any Ethereum mobile wallet. The ENJ mobile wallet will also feature native support for all 600+ ERC20 tokens listed on CoinMarketCap.com. Beyond this, a Minecraft plugin, which will allow custom servers to implement EnjinCoin and ENJ-minted virtual items, should be released within a month.

ENJ is currently trading at just over US$0.36, after topping out at just over US$0.45 earlier today. When ENJ was first introduced on The Merkle one month ago, EnjinCoin was trading at under US$0.025, sitting outside the top 200 on CoinMarketCap.com. Today, it is flirting with the top 100, and trading close to 15 times higher. Unfortunately, with Bitcoin recently rallying to local highs above US$16,000, it seems that EnjinCoin’s run was ended, or at least paused, prematurely.

While EnjinCoin initially struggled after its ICO – at one point trading 67% below its ICO price – speculators have begun to recognize the massive potential of this project, whose developments will be available to Enjin’s existing community of over 18 million monthly users. Enjin’s past Minecraft plugins have already been wildly popular. Its DonationCraft plugin boasts over 5 million downloads.

On a broader scale, gaming coins are poised for a great year. Beyond ENJ, GameCredits and MobileGO are expecting their final product releases in June. Chimaera, the protocol evolution of its prototype product, HunterCoin, is also set to run its public sale next month, with its blockchain technology being rolled out soon afterward. Erik Voorhees, CEO of ShapeShift, recently tweeted his opinion on game coins.

Alongside the release of the Minecraft plugin, the EnjinCoin team will distribute 15% of the total ENJ supply set aside for adoption purposes across over 100 Minecraft and other gaming communities that have pledged to incorporate ENJ on their servers. After Minecraft, the EnjinCoin team plans to release integration plugins for Unturned and Ark.

The video game industry is a major market that seems a very likely candidate for cryptocurrency integration. This adoption may be seen on a significant scale as early as this year. If this is the case, the project that achieves it could compete as a top cryptocurrency, and other gaming coins should also appreciate as speculators begin to place larger value on gaming cryptocurrencies in general.