As a seasoned crypto investor with a few battle scars on my portfolio, I’ve grown accustomed to market volatility and exchange announcements. However, Coinbase’s sudden decision to suspend trading for Enjin Coin (ENJ) and Metal DAO (MTL) caught me off guard.
In an unexpected development on Friday, cryptocurrency exchange Coinbase suspended trading for Enjin Coin (ENJ) starting mid-June. Consequently, ENJ’s price dropped by approximately 10% within hours, and the decline deepened to over 13% in the past 24 hours. Additionally, Coinbase announced a halt in trading for Metal (MTL), leading to a more than 8% decrease in its prices.
Coinbase Announces ENJ and MTL Trading Suspension
beginning on June 14 at around 2 PM Eastern Time, Coinbase has announced that it will halt trading for Enjin Coin (ENJ) following recent assessments. During this suspension, ENJ traders will be unable to conduct transactions on the platform.
As a dedicated researcher at Coinbase, I constantly keep a vigilant eye on the assets listed on our platform to guarantee they adhere to our stringent listing criteria. Therefore, when necessary, we may temporarily suspend an asset from trading.
Significantly, trading has been halted on Coinbase’s Simple and Advanced Trade, Exchange, Prime, and Native DEX platforms for Enjin Coin. This move has raised alarm amongst ENJ token holders, leading some to frantically sell their coins.
Coinbase announced that they have transferred ENJ‘s order books to a limit-only trading system. With this setup, traders can place and cancel limit orders, and transactions may occur based on the set prices.
ENJ price dropped more than 15% in the last 24 hours, with the price currently trading at $0.3101.
Metal Dao (MTL) Price Plunges 9%
Coinbase requested users to move their MTL tokens into personal wallets compatible with MTL V2 by June 23rd at 11 PM Eastern Time in order to receive the distributed assets. Failure to transfer your MTL holdings before the deadline means you won’t be eligible for accessing the new version’s assets.
Starting from 2 PM ET on June 14, Coinbase will cease support for Metal DAO’s (MTL) airdrop and will halt trading for this token. The exchange has transitioned MTL order books into limit-only mode, mimicking the functionality of Enjin Coin (ENJ).
In the previous 24 hours, the MTL price dropped by 9%, now standing at a price of $1.77. The lowest and highest prices during this period were recorded as $1.76 and $1.92 respectively. Moreover, there was a noticeable decrease of 42% in trading volume over the last 24 hours, suggesting waning trader enthusiasm.
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2024-05-31 21:35