On February 26, while the Bitcoin price remained at $3,800 following a sudden 10 percent plunge, Enjin Coin (ENJ), a crypto asset native to a gaming-suited blockchain network called Enjin, spiked by more than 150 percent.
Against Bitcoin, at its daily peak, Enjin Coin surged from 0.00000958 BTC to 0.00002943 by 207 percent within a 24-hour span.
Analysts have attributed the abrupt surge in the price of Enjin Coin to the listing of Enjin Coin as one of the four cryptocurrencies listed on the native crypto wallet of Samsung alongside Bitcoin, Ethereum, and Cosmee.
Why Is Enjin Coin Listed as a Major Crypto Asset on the Samsung Blockchain Wallet?
Even after an impressive 200 percent rally against Bitcoin, Enjin Coin remains as the 58th largest cryptocurrency in the global market.
ENJ is not one of the most valuable cryptocurrencies and the asset is relatively unknown to the mainstream in comparison to dominant assets like Bitcoin and Ethereum.
The price surge of Enjin Coin was likely fueled by the introduction of the digital asset to the user base of the Samsung Galaxy S10, which could expose the cryptocurrency to a broader market.
Samsung Mobile Business Development Summit : They are serious about blockchain. Also features @enjin logo as a partner, confirming rumors in my video https://t.co/n1OpOP1fEF. Exciting times! pic.twitter.com/5t7TRWg0pc
— Boxmining (@boxmining) February 25, 2019
It is possible that Samsung and its blockchain development team showcased ENJ as a part of the launch of the Samsung Blockchain Wallet because of the team’s belief that blockchain technology has the potential to perform outside the realm of finance.
As CCN reported on February 25, the official tutorial of the Samsung Blockchain Wallet emphasized that the blockchain can be used in many areas including game items storage.
The tutorial, translated from Korean, read:
“The blockchain is a new method that enables every user to store and process data in a decentralized ecosystem, and it is used in many areas. [Such areas include] secure distribution information confirmation, insurance and contract verification, copyrights management, content distribution, game items storage, crypto assets storage, and cryptocurrency transactions.”
Although Enjin is often overshadowed by major blockchain networks, it is one of the leading protocols in the blockchain gaming space that enables developers to efficiently deploy blockchain-based games.
In the past several months, the Enjin team has strengthened its presence in the gaming market of South Korea, presenting at the 2019 Korea Blockchain Game Show hosted by the Korea Mobile Game Association and Korea Blockchain Contents Association on February 13.
The efforts of Enjin to aggressively penetrate into the mobile gaming market of South Korea most likely landed an unofficial partnership with Samsung’s blockchain team.
Danbee Lee, a representative at Enjin, wrote earlier this month:
After our presentations, many projects and attendees approached us to learn more about the Enjin Platform and discuss potential cooperation, and we were frequently complimented for creating an ecosystem that allows for immediate application and real-life use cases.
Overall, it was truly rewarding to be part of an event full of experts who are all pushing for mass adoption of blockchain technology—and even moreso to see that Enjin is definitely a key player pioneering that path.
Neither Enjin or Samsung have released a statement confirming the nature of the partnership between the two organizations.
But, the presence of Enjin Coin as one of the four cryptocurrencies listed on the Samsung Blockchain Wallet as sufficient to lead the strongest single-day gain in the history of the asset.
Where is the Crypto Market Headed?
In a wider time frame, traders remain optimistic on the near-term price trend of Bitcoin.
very bullish on this weekly for $BTC pic.twitter.com/BcEPMPg0rp
— Satoshi, MBA (@SatoshiFlipper) February 25, 2019
Many investors were surprised by the magnitude of the drop in the price of Bitcoin on February 24 but some expected a pullback following a strong rally from the mid-$3,000 region.