ENJ price plunges as Coinbase confirms plans to delist Enjin Coin

Leading crypto exchange Coinbase has announced what the market considers the worst news for Enjin Coin (ENJ) enthusiasts.

The trading platform confirmed that it will suspend Enjin Coin on 14 June. The update stirred the markets, with many questioning the motive behind Coinbase’s move.

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Enjin Coin (ENJ) on June 14, on or around 2 PM ET.

— Coinbase Assets 🛡️📞 (@CoinbaseAssets) May 31, 2024

Coinbase suspends ENJ

Crypto exchanges delist assets to make them unavailable for trading by their users. While these are rare, trading platforms have various reasons for such a decision.

For instance, digital assets witness accelerated suspension during declined trading volumes.

However, Coinbase’s move suggests a crucial problem for Enjin as the alt maintained a healthy outlook before the announcement.

Coinbase delists ENJ after launching meme coins full trading

Notable, Coinbase’s decision to suspend ENJ trading comes a day after it added meme assets Shiba Inu, BONK, and FLOKI for full trading.

⚡️@coinbase 's launch of full trading for @Shibtoken, $FLOKI (@RealFlokiInu ) and $BONK (@bonk_inu ) aims to boost their prices amid a sluggish #crypto market, sparking investor optimism despite recent declines📉

— Mohammad Amil (@mohammadamil66) May 31, 2024

Enabling full trading mode for the themed tokens underscored the exchange’s dedication to ensuring multiple options for users.

Previously, Coinbase allowed access to these memes in a post-only manner. Nonetheless, enthusiasts can trade SHIB, FLOKI, and BONK using market and stop-limit orders.

The move highlights the surging demand for meme crypto assets on Coinbase.

ENJ’s current price action

The altcoin responded to the announcement with a notable downward move.

Enjin Coin painted its daily price chart red as it lost over 15% to trade at $0.3101 at press time.

While broad market weakness triggered ENJ’s dip, Coinbase’s delisting updates intensified the decline.

Enjin Coin’s daily trading volume increased by 80% to $33.97 million, highlighting increased trader activity.

Market participants could be cashing out to escape more pain, thus the surging 24-hour trading volume.

Investors will likely watch any further developments about Coinbase removing ENJ and whether an XRP-like move would be possible.

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