Altcoins Price Analysis

Engine prices have risen 800% in 30 days; Examine the three main reasons

The price of the ENJ engine has jumped 800% in 30 days. Analysts cite network upgrades, increased NFT tokens and new collaborations with various projects as the main drivers of Quinn engine price growth.

to the Report Coin Telegraph, the price of engine tokens has risen by about 800% in recent weeks. The price of this digital currency, which was traded in the range of $ 0.34 on February 23 (March 5, 1999), reached a historic high of $ 3.09 on March 15 (March 25, 1999). During this jump, we saw a sharp increase in the volume of Quinn engine transactions.

Quinn engine price chart
Quinn engine price chart

Engine Quinn is one of the projects that has made its mark on growth since last year. Witek Radomski, co-founder of Engine Quinn, was also involved in the development of the ERC-1155 token standard. This standard allows for the creation of unique tokens on the Ethereum network.

Experts have cited the JumpNet approach to increasing Ethereum scalability, increasing the volume of Quinn engine transactions created by adding to the exchange lists of various exchanges, and the growth of the area of ​​non-peer tokens as the main factors in increasing the price of Quinn engines.

Cheap NFT transactions

Following the announcement of the release of Jumpent, we saw a strong uptrend in Engine Queen. Jumpent is a private version of the Ethereum blockchain that uses the PoA authentication mechanism. In Jumpant, transactions are done instantly and with zero commission.

For the past six months, high transaction fees have been one of the biggest challenges facing the digital currency community. Increased use of the Ethereum network for decentralized finance (DeFi) and the heating of NFT fires have been major drivers of rising wages.

Jumpant is scheduled to launch on April 6. It is said that with the launch of Jumpent, users will be able to transfer, generate and trade ERQ-1155 tokens and ERC-1155 tokens free of charge. It will also be possible to distribute ERC-1155 tokens for free with this solution.

The engine also plans to use Efinity. Affinity is a decentralized blockchain for NFTs. Ability to support the next generation of tokens and assets capabilities from all blockchains. According to the development team, the platform can enable the use of tokens in multiple chains, allowing NFT holders to send free transactions from any Blockchain to the compound.

Addition of Quinn engine to exchange offices

As we said before, the addition of Quinn engine to various exchanges was another factor in the jump in the price of this digital currency. After the addition of Engine Coin to exchange offices, we saw an increase in trading volume, in-chain activities and active addresses.

Active Quinn Engine Addresses
Active Quinn Engine Addresses

In late February, Engine Coin trading pairs were added to Cryptodatcom and FTX exchanges, boosting its price jump. After that, ENJ was added to the Bancor liquidity pool. Shortly afterwards, Huobi Global, OKEx and Gemini exchanges added the digital currency to their trading list.

The taboo of unparalleled tokens

The warming of the NFT market, especially in the field of art and the growing familiarity of people with them, has led to a rapid growth in Engine Quinn. As the price of ENJ rose, more collaboration projects were signed and more attention was paid to this digital currency.

Age of Rust, The Six Dragons, Ludena Protocl, and GameTalkTalk, a gaming-centric social network, are among the projects that have recently partnered with Engine. They started Coin.

The VORTECS platform, which examines various digital currency projects, described the outlook for the digital currency as bullish before Engine Queen Quinn jumped in March.

Vertex Index
Vertex Index

As you can see in the chart above, the Quinn engine vortex score has entered the green range and is up to 67. After recording this score, the engine price started its 3-week uptrend.

After the engine vortex score reached 31 on March 3, we saw the trend rise again, reaching 89 in the week following. Finally, the price of the Queen engine was able to reach its peak of $ 3.09 a few days ago.

The widespread acceptance of unparalleled tokens and the promise of creating a cheaper space for these tokens to operate greatly prepared Engine Quinn for a leap. Many experts believe that by opening up assets such as real estate and historical documents, one can expect easy-to-use projects in the field of NFTs to have a good space to grow.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button