Enjin Coin slowing down it's engine
It's been a while since Enjin Coin popped up in Santiment Emerging trends
Namely since 5th of December when ENJ been on a rapid way to it's top.
It's not the case now, ENJ is not in emerging trends yet.
I found Enjin interesting for a deeper look cause it appeared in "Top gainers list", #3 price gainer and #7 Top 30d DAA within Top 50 ERC20 list on Friday.
Three hits. Why?
Starting to explore using Sandata.
Daily Active Addresses showing a spike halfway to current price level, actually looking like a local top:
Network Growth going up as well with a slight delay, working like a healthy DAA confirmation:
Token Velocity is on highest level since summer and having a rapid growing pattern, after a dip:
Percent of coins active last year is in steady downtrend. Less movements from ones not touching ENJ for a year:
30d MVRV is quite calm recently. Last significant spike is seen shortly before december price pump:
Exchange funds flow isn't showing clear signals lately as well:
May be there a bit more deposits lately then withdrawals, which usually tends to push price down. But these are for sure not that strong flows as before December's pump.
There's a special "Exchange Inflow signals" channel in Santiment Discord.
ENJ appearing there might be a potential stronger signal for price to go down.
Two largest ENJ holders clusters tend to remain offloading since December:
Drilling down to specific whales using Sanbase Enjin Coin page:
Looks like one guy is constantly offloading his ENJ holdings, million by million.
Here is how it looks like in Santiment Historical Balance tool:
Aha, exploring this address on Etherscan shows it's not a guy :)
It's a contract. 10% of ENJ total supply appeared there on ICO date back in October 2017.
It keeps sharing ENJ with bunch of other addresses from time to time.
Some recipients hodl then. Some sell.
Diving in social data.
What could be in the chatter behind recent price action?
- Look at that palm beach enj pick later today. Pamp it
- Enj gonna be palm beach pick today?
- Enj is having a good spike 🔥
- these pump shitty groups taking all profit from enj price is going down
Palm Beach? Is it still alive?
Well, it looks like some rumours followed the recent spike. Or opposite.
Quite weak social volume. This is why ENJ didn't end up in Emerging trends list.
I'd stay conservative on ENJ.
Can't see buy triggers right now, neither clear sell triggers.
A signal of ENJ being deposited to exchanges in Santiment Discord can't be considered as confident "Sell". The whole above picture should be reevaluated when it comes.