Microsoft Collaboration Fuels 50% Rally for Enjin's Cryptocurrency

Microsoft’s collaboration with blockchain gaming startup Enjin has prompted a roughly 50 percent surge in the project's native token over a two-day period.

AccessTimeIconDec 6, 2019 at 12:30 p.m. UTC
Updated Sep 13, 2021 at 11:46 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Microsoft’s collaboration with blockchain gaming startup Enjin has prompted a roughly 50 percent surge in the project's native token over a two-day period.

Enjin coin (ENJ) started to rise sharply from Wednesday afternoon (UTC) as news spread of a rewards scheme from the tech giant that uses Enjin technology and the ethereum blockchain. Known as Azure Heroes, the scheme rewards community members with crypto collectibles (or NFTs) for good deeds, such as mentoring, providing demos, creating content and more.

This is Enjin’s second major news-based rally this year, after Samsung added Enjin's cryptocurrency to the Blockchain Keystore on its flagship smartphone, the Galaxy S10, in March.

At the time, prices rose by more than 70 percent on rumors surrounding the release. Since then, ENJ has declined from a high of around $0.25 down to as low as $0.046 on Nov. 29.

With the latest Microsoft-fueled rally, price peaked at around $0.1059 on Friday morning (UTC), CoinMarketCap data shows. A press time, the rally looks to be losing steam slightly, with prices down to $0.0987.

Daily chart

Enjin coin chart via Binance
Enjin coin chart via Binance

As seen above, price action for ENJ had been stuck between two defined areas of support and resistance, between $0.051 and $0.068 for a period of about 72 days.

In all likelihood, Enjin coin bulls were beginning to grow thirsty for more developments to light a fire under prices. Now it would seem their prayers have been answered with the sharp breakout prompted by this week's news.

Rico Solo, a long-time investor in small-cap coins and an ENJ trader said he plans to take around 25 percent profit on this rally to guard against further downside risk in prices.

"I bought in before the Samsung news in early 2019 and waited around for something major to happen, unfortunately, I didn’t sell at the top and the price dropped hard," he said.

Disclosure: This author holds no cryptocurrency at the time of writing.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about