Burning coins/tokens, which is an important dynamic in the altcoin market, aims to increase the price by reducing the circulating supply. In line with this goal, Enjin Coin (ENJ), which has recently attracted great attention from investors, burned 100 million tokens.
Blockchain security company PackShield reported that 100 million Enjin Coins were burned and removed from circulation, based on on-chain data. With current prices, 100 million ENJ corresponds to a considerable amount of $23 million.
Following the burning news, the price of ENJ turned upwards. The altcoin, which was priced around $0.226 before the burning news, reached $0.232 with an increase of over 2%. Market observers predict that the positive impact of the exciting burning news on ENJ’s price will continue.
Enjin Coin, first announced in July 2017 and launched on the Ethereum Blockchain in June 2018, is a project of Enjin, a company that provides a connected, blockchain-based gaming product ecosystem. Enjin Network, the flagship of Enjin, is a social gaming platform where users can create websites, clans, chat, and host virtual item stores.
Enjin enables game developers to tokenize in-game items on the Ethereum Blockchain. Enjin Coin, an ERC-20 token, is used to support the digital assets minted using the platform. This way, in-game items can be bought, sold, and traded with real-world value.
Enjin Coin is a digital value store used to support blockchain-based assets like NFTs. Every asset minted using the Enjin platform includes ENJ, which is a minting resource locked inside NFTs and removed from circulation. Minting blockchain-based assets with ENJ provides content creators and users with various advantages, such as instant liquidity and usable benefits in games and applications.