Enjin Pumps 200% on Samsung Crypto Wallet Partnership Rumors

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Enjin Coin (ENJ), the cryptocurrency of the Enjin project, pumped over 200% yesterday when a video emerged from the 2019 Mobile World Congress in Barcelona that showed its proprietary wallet supposedly on the new Samsung Galaxy S10 phone. The video, taken from a presentation Samsung were making at the event, appears to confirm the presence of a cryptocurrency wallet within the phone, rather than just the private storage key vault that Samsung announced at the phone’s launch last week. Also, the presence of an ENJ logo also on the slide has led many to come to the conclusion that Samsung has chosen the Enjin Wallet for the new flagship phone.

Wallet Looks Likely, Enjin or Not

The presenter doesn’t state categorically that there will be a crypto wallet on the new range of Samsung phones, but the screen behind him seems to do most of the talking. On the left of the screen is the phrase ‘digital wallet’ with the Bitcoin, Ethereum, Enjin, and Cosmee logos. Encouragingly for Enjin supporters, Cosmee was presented by Samsung at the event as their first dApp partner, and it seems unlikely that Samsung would then have used the Enjin logo if they didn’t plan something similar with them. Also clearly visible, above the Samsung Knox private key vault, is the phrase ‘Samsung Blockchain Wallet’, which would seem to suggest that Samsung does plan to have a crypto wallet built into the phone, they have just not announced it yet.

Enjin a Sensible Bet

Enjin as a company has been around since 2009, while their wallet, which supports ERC-20 as well as their own ERC-1155 tokens, is currently available for Android and Apple users, showing their pedigree in the space. The company’s origins are in gaming, but they have since evolved into developing a proprietary blockchain, token and wallet, all of which seem to have appealed to Samsung, although of course without confirmation from Samsung nothing is concrete. While many bought into the rumor others were more wary:

Price Likely to Go Only One Way From Here

Some commenters tried to claim that the ENJ pump was all down to technical analysis, but even the most optimistic trader can’t surely think that a 217% pump in a bear market is down to bouncing off resistance lines. The coin has since retraced about 17% from its top, and it remains to be seen what price action would ensue were Samsung to announce a partnership off the back of the rumors, but history would tell us to expect a dump in line with the ‘buy the rumor, sell the news’ theory

Were Samsung to officially confirm the presence of a crypto wallet in the new Galaxy S10 range, regardless of who made it, the entire crypto ecosystem would receive not just a financial boost but an ideological one as well.