Enjincoin (ENJ) has enjoined a 78 percent rise in value after the project revealed it has an official partnership with Samsung Electronics. The gaming crypto’s partnership with the Korean Electronics giant was first reported by media outlets in South Korea on Friday. The jump in Korea’s investor base was ignited by the confirmation of partnership between Enjin, the Singapore-based company behind ENJ, and Samsung’s flagship smartphone S10.
Enjin’s VP of marketing, Simon Kertonegoro, confirmed the partnership while refusing to divulge further information when contacted by CoinDesk.
Samsung Electronics unveiled its latest flagship named the S10 at MWC Barcelona in late February 2019. At the launch, the Korean giant showcased the phone’s Blockchain Keystore feature, which will securely store private keys to cryptocurrency assets – a function that has drawn attention thanks to the flagship product’s predicted sales forecast pointing to a userbase of 45 million in 2019. The cryptocurrencies excepted to be supported on the platform were Bitcoin (BTC), Ethereum (ETH), Enjin (ENJ) and Comee, a blockchain based social media platform.
Speculations that the Enjin wallet will be integrated with the Samsung Blockchain Keystore on S10 began making rounds at the showcase of the Blockchain Keystore when the company displayed a picture that included the logo of the Enjin crypto gaming platform.
ENJ is a cryptocurrency aimed at trading virtual goods, specifically in-game items that can be exchanged, traded or swapped cross platform with the potential to create promising standalone in-game e-commerce ecosystems utilizing the ERC-1155 token based on the Ethereum blockchain. Enjin Coin (ENJ) can be used as a method of payment, ENJ’s core purpose and function are as a token through which developers, businesses, and entrepreneurs can mint crypto assets. These assets can be utilized for various purposes: by games as characters, weapons or vehicles; by retail as collectibles, memberships, or vouchers; and by any business that can benefit from rewarding their customers or employees — to name a few and furthermore the gaming assets can be used cross-games.
The Embers to the Flame
An aligned to the Samsung Blockchain Keystore along with a leaked video of the Samsung Mobile Business Development Summit featuring Enjin’s logo set off the rumors on the 25th of February. Since then price action has given way to speculation as a flurry of investors sought to take advantage of the bullish announcements.
The events sparked a frenzy of self-perpetuating investor interest as prices rose 206 percent before closing out 116 percent higher than the previous day. Since then, Enjin Coin has been seeing sporadic spurts of growth to the extent that it now seats at the 44th position in the coin market. At the time of filing this report, Enjin Coin (ENJ) has a market cap of $128 million with a 24hour volume of $116 million. The digital coin has a circulating supply of over 762 million as against the total supply of 1 billion.
Analysts and crypto educator like Boxmining admitted to being taken aback by Enjin Coin (ENJ)’s sudden growth, however, they were all in praise of the coin and its a unique utility. Boxmining said: “Watching $ENJ is insanity. Been talking about @enjin for 2 years, and never had this project had so much attention. Lesson learned: Solid tech wins, but boy was it a long 2 years. Now irrational FOMO is taking over.”
The CEO of Binance, CZ Binance too was all praise for the digital asset as he congratulated the Enjin on Twitter:
Congrats to $ENJ, solid tech wins. #BUIDL
— CZ Binance (@cz_binance) March 8, 2019
ENJ had already experienced a major spike on March 5 as they announcing their Blockchain Software Development Kit (SDK) is due to launch on March 14, which resulted in price closing out 27.5 percent higher while March 8 put saw the value rising another 76.1 percent over a 24-hour period to where it currently stands. Enjin Coin’s partnership with Unity to introduce millions of existing game developers to blockchain development is promising as Unity is one of the most popular game development platforms ever. Effectively, more than three Unity games have been installed for every single person on earth. Over half of all mobile games run on Unity.