Large movements in altcoin prices can occur due to listing and delisting news from exchanges. Especially, the impact of high-volume exchanges on this issue is often greater. While exchanges like Binance and Coinbase have recently been known for their listings, a delisting announcement by Coinbase a few minutes ago caused a significant stir in the market.
Coinbase Delists Enjin Coin
Coinbase, which has been generally known for its listings recently, announced that Enjin Coin (ENJ) has been closed to transactions. Although this was a planned and pre-announced development, it still created a noticeable impact in the market.
Coinbase is known to have a significant impact on trading volumes when it delists certain cryptocurrencies, which can negatively affect those altcoins.
The announcement from Coinbase was as follows:
We have disabled trading for Enjin Coin (ENJ). Your funds will remain accessible to you, and you can withdraw them at any time.
What is ENJ’s Price?
Following the Coinbase news, attention turned to the ENJ price. The ENJ price appears to be continuing its decline that started about 2 hours ago. ENJ continues to trade at $0.2085 after an 8.51% drop in the last 24 hours, and the decline continues.
Following the news, the altcoin’s market cap also saw a noticeable contraction, falling to $306 million. This situation pushed it down to the 182nd position on Coinmarketcap’s volume rankings.
On the other hand, the 24-hour trading volume reflected investors‘ rush to sell. Despite the price drop, there was a positive trend in trading volume. The volume increased by 1% in the last 24 hours, reaching over $19 million.
Investors seem to continue closely monitoring what developments might occur on the ENJ side following the delisting decision by a high-volume exchange like Coinbase.
