Enjin Coin (ENJ) price surges over 60%

has soared over 60% in the past 24 hours, now trading at $0.1088. The token has recorded a 2,400% jump in trading volume

Enjin Coin (ENJ) has shot up over 60% in the past 24 hours, now trading at $0.1088. The token has also seen a 2,400% jump in trading volume, now at $469.95 million.

This rally marks a decisive breakout from months of bearish consolidation, making it a move worth noting amid the broader surge in NFT utility tokens.

According to the data by CoinMarketCap, ENJ’s market cap briefly climbed above $200 million, lifting the token nearly 80 spots on the global crypto leaderboard.

The explosive move in Enjin Coin comes after the launch of its new Software Development Kit (SDK) for Non-Fungible Tokens (NFTs). The product allows developers to easily embed NFTs into gaming environments and other applications.

The integration of the Efinity parachain into the Polkadot ecosystem has also improved Enjin’s scalability. The blockchain is now more equipped to support real-time gaming economies and large-scale NFT deployments.

As part of its broader strategy, Enjin is aiming to expand the adoption of its ecosystem. The company’s native token, ENJ, is utilized across various chains and platforms within the Enjin ecosystem.

Its objective is to empower individuals and communities to effortlessly create, deploy, and manage their own NFTs and gaming assets on the blockchain.

Recently, there has been a surge in interest in NFT utility tokens. As part of this trend, gaming tokens have shown strength, with the ALG token from Algorand rising by 17% in the past 24 hours. Moreover, Axie Infinity (AXS) has seen a 24-hour gain of 15.6%.

As part of this trend, Enjin’s explosive rally could continue to attract attention in the crypto market.