Defying Crypto Gravity: Enjin Coin, Ark and Augur React Fastest with Post-Dip Rebounds
Enjin Coin (ENJ), Ark (ARK) and Augur (REP) all shrugged off the dip that wiped $11 billion from the cryptocurrency market this week. All three coins bounced back with around 10% growth on Thursday, while much of the market remained in the red.
Enjin Coin (ENJ) Continues to Build
Enjin Coin is one of the best performing cryptocurrencies of the year so far after the coin price rose from $0.02 to $0.24 within one month in Q1. The inevitable rebound pushed the price back down to $0.13, but the value of ENJ soon bounced back up to the $0.21 range.
All of this was triggered suddenly and unexpectedly when Samsung announced native support for ENJ on its new Galaxy S10 back in February. The other coins attached to the S10 announcement – Basic Attention Token (BAT), and Cosmo Coin (COSM), each recorded growth between 500-800% thanks to the association. All three have continued to climb moving into Q4, but Enjin’s peaks and troughs have been more pronounced.
On Thursday the ENJ coin price rebounded from $0.155205 up to $0.172049, marking 10.85% growth over the course of the Asian trading session.
Since the Samsung announcement, the Enjin team has released a universal blockchain explorer, an ENJ wallet with multi-coin support, and has continued its pioneering work on the ERC-1155 token – one which is already redefining the blockchain gaming industry.
Ark (ARK) Rebounds After Heavy Losses
Ark recorded 10.9% growth following Wednesday’s market low, as the coin price climbed from $0.512423 up to $0.568310 overnight.
Unlike Enjin, Ark was not on a positive surge prior to the recent market dip, but had lost nearly one third of its value since the start of April. That drop carried Ark from a price of $0.75 down to $0.51 over the course of a few weeks.
By Thursday morning, ARK/BTC markets on Binance and Bittrex accounted for 68% of the daily trade volume, suggesting recent beneficiaries of Bitcoin’s growth were willing to take a chance on some heavily cut price ARK coins.
The Ark mainnet was updated to Core v2.3 on April 23rd, perhaps explaining the renewed interest in the coin. Conversely, the +100% growth since February may have been in anticipation of the upgrade, only for it to be sold off in the weeks before the update landed.
Augur (REP) Continues Pre-Dip Surge
Augur had previously recorded 115% growth for the quarter, and 330% growth since December. Over 13% was chopped off the token price this week amid the market decline, but by thursday morning Augur was on the move again with a 9% rebound.
That carried the token price from $20.40 to $22.25 overnight, helped in part by the $0.5 million worth of volume coming from the recently listed REP/USD pair on Coinbase Pro. That’s in addition to the $1.2 million worth of trades recorded against USD in the day directly following REP’s listing.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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