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Highlights
- Coinbase announces plan to suspend trading for Enjin Coin (ENJ) and remove it from Coinbase products and services.
- Coinbase also suspends MTL trading as the exchange will not support MTL token airdrop.
- ENJ price tumbled over 20% and MTL price fell 12% due to Coinbase's actions.
- The move cause investors to lose million in a few hours.
Crypto exchange Coinbase in a surprising move on Friday announced suspending trading for Enjin Coin (ENJ) from mid-June. As a result, ENJ price tumbled 10% in a few hours, with the fall extending to over 20% this week. The crypto exchange also announced a suspension of trading for Metal (MTL), causing a more than 8% fall in prices.
Coinbase Announces ENJ and MTL Trading Suspension
In the latest posts on X on May 31, Coinbase said it will suspend trading for Enjin Coin (ENJ) based on recent reviews. Users will not be able to trade Enjin Coin (ENJ) from around 2 PM ET on June 14.
“We regularly monitor the assets on our exchange to ensure they meet our listing standards,” said Coinbase, citing reasons for the suspension.
Notably, trading will be suspended on Coinbase Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime, and Native DEX. This indicates an overall takedown of Enjin Coin from the crypto exchange, sparking concerns among ENJ holders as they panic sell their tokens.
Coinbase also stated that it has moved ENJ order books to limit-only mode. This would allow limit orders to be placed and canceled, and matches may occur.
ENJ price dropped more than 15% after the announcement, with the price currently trading at $0.316. Derivatives trading also witnessed a massive decline in ENJ open interest after the move by Coinbase.
Also Read: Mt Gox $10B Bitcoin Distribution Won’t Affect BTC Price: Details
Metal Dao (MTL) Price Plunges 9%
Coinbase asked users to transfer their MTL tokens to a self-custodial wallet that will support MTL V2 by June 23rd at 11 PM ET to ensure access to the airdropped assets. “If you do not transfer your MTL assets by this date, you will not be able to access the V2 assets,” the exchange asserts.
Coinbase will not support MTL token airdrop. It will suspend trading for Metal DAO (MTL) at 2 PM ET on June 14. The exchanges has moved MTL order books to limit-only mode, similar to Enjin Coin (ENJ).
MTL price fell 9% after the news and extended the fall by over 12% this week, with the price currently trading at $1.67. The 24-hour low and high are $1.61 and $1.82, respectively. Furthermore, the trading volume has decreased by 42% in the last 24 hours, indicating a decline in interest among traders.
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