The recent delisting of Enjin Coin (ENJ) by Coinbase has emphasized the pivotal role that cryptocurrency exchanges play in shaping market movements. Notably, significant fluctuations in altcoin prices can stem from decisions regarding listing and delisting by exchanges like Binance and Coinbase.
Coinbase's decision to disable trading for Enjin Coin sent ripples across the market, even though it was a planned action. The halt in ENJ transactions had an immediate effect on its price, leading to a notable decrease.
Exchanges like Coinbase wield considerable influence over trading volumes when they choose to delist specific cryptocurrencies, thereby impacting the overall market sentiment.
The announcement from Coinbase regarding the discontinuation of ENJ trading activities triggered a rapid decline in the coin's value, marking an 8.51% drop in 24 hours, with the price settling at $0.2085.
Following the delisting, ENJ's market cap saw a significant contraction, dropping to $306 million and causing a decline in its ranking on Coinmarketcap.
Despite the price dip, trading volume surged as investors rushed to sell their holdings. The trading volume increased by 1% in the last 24 hours, exceeding $19 million.
Investors are closely monitoring the developments surrounding ENJ post the delisting by Coinbase, illustrating the impact of exchange decisions on market dynamics.
