Enjin’s Enjin Coin ENJ, -16.61% is dominating the charts today, gaining a whopping 70% in the last 24 hours. The “culprit” for today’s ENJ price spike is the same as for the coin’s surge on February 25 – additional news about Enjin’s relationship with tech giant Samsung Electronics.
The partnership was being reported by South Korean media, and there is not additional confirmation from Enjin. When reached for comment by CoinDesk, Enjin confirmed that they do have a partnership with Samsung Electronics, the manufacturer of the Galaxy S10, but did not provide further details about what it entails.
The most common theory about the partnership is that the Enjin wallet will be coming with the Samsung Galaxy S10 flagship smartphone. Since we do know that the phone will feature the “Samsung Blockchain Keystore”, which is described as hardware-backed storage for blockchain private keys, the speculation is certainly not outlandish. Since the phone has started shipping today (March 8), it won’t be long before we find out more details.
Enjin Price Movement
Whatever the case may be, ENJ holders are enjoying 528% monthly gains thanks to all the speculation.
ENJ volume soared on the ENJ/KRW pair on South Korea-based Bithumb to hit $54 million, comfortably surpassing the volume on the exchange that accompanied ENJ’s last spike on February 15. Since this last round of Enjin-Samsung speculation was primarily coming out of South Korea, it is not too surprising to see more South Korean traders getting into the action.