ENJ (Enjin Coin) surges 41.5% within 24 hours: trading volume soars over 800% driven by negative funding rates
Bitget Pulse2026/03/18 07:24Volatility Brief
Over the past 24 hours, the price of ENJ rebounded from a low of $0.01905 to a high of $0.02696, with the current quote at $0.02668, representing a swing of 41.5%. Trading volume has increased significantly, with CoinGecko data showing a 24-hour turnover of $39.266 million (up 876.4% from the previous day) and CoinMarketCap reporting $57.21 million (up 806.94%), reflecting a surge in market activity.
Analysis of the Reasons Behind the Movement
- Explosive surge in trading volume: The 24-hour trading volume has increased more than 8 times compared to the previous day, mainly concentrated on Binance (ENJ/USDT $6.54 million, accounting for 11.29%) and platforms like MEXC, driving the price to rise rapidly from the $0.019 range.
- Extremely negative funding rates: Futures funding rates are at extremely negative levels, with shorts continuously paying fees to longs, which may trigger a short squeeze effect and amplify upward momentum.
No official announcements, large on-chain whale transfers, or mainstream news events have been recorded in the past 24 hours.
Market View and Outlook
Overall community sentiment is bullish, with CoinMarketCap voting indicating over 90% in favor of longs. Traders are watching for pullback opportunities after the surge in volume. Trading signals are frequently seen on platform X; for example, Alhajicoin suggested going long at $0.0198-0.0208 with a target of $0.0300. Finora AI advised waiting for a bounce from $0.019-0.020 support, targeting $0.0235-0.0260, but warned that after a pump, price could easily retrace back to the $0.019 demand zone. Risk warning: Without fundamental catalysts, there may be technical corrections in the short term.
Note: This analysis is automatically generated by AI based on public data and on-chain monitoring, for informational reference only.Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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