Enjin Coin (ENJ) faced sharp intraday volatility on October 7, 2026, falling 10.03% in just 60 minutes from $0.03369 to $0.03031. The token later recovered toward $0.033, but the move highlighted growing uncertainty among traders ahead of two major protocol upgrades.
At the time of the drop, ENJ showed a 24-hour decline of 7.56% and trading volume of approximately $1,751,957.84. The token recorded a 24-hour high of $0.03377 and a low of $0.03023. Traders identified $0.03023 as key support and $0.03377 as resistance, with social media sentiment reflecting caution around broader market conditions and possible regulatory developments.
Amid this price action, Enjin scheduled two protocol upgrades. The Fort Canning upgrade for the Relaychain — runtime version 1.8.0 — is set for November 9 at block #18,059,100. The Matrixchain upgrade, runtime 1.4.1, is scheduled for November 16 at block #12,331,000. Both are planned for 16:00 UTC and depend on governance referendums receiving approval. Canary networks received the upgrades on September 28 and 29 respectively, confirming a phased testing process.
The Fort Canning upgrade introduces significant governance changes. The minimum deposit to submit proposals will increase from 0.025 ENJ to 1,000 ENJ per track, while minimum support thresholds will be measured against the total issuance of 2.02 billion ENJ. Matrixchain will adopt OpenGov with 15 referendum tracks and a conviction-based voting model, allowing Enjin Fellowship members to fast-track urgent proposals. Validators may be penalized for losing parachain disputes, and the GRANDPA authority limit will rise from 32 to 100 to support a larger validator set.
Additional improvements include new XCM APIs that allow wallets to simulate calls and estimate costs before execution. ENJ transfers between Relaychain and Matrixchain will continue via Teleport. In the marketplace, Matrixchain will enable single-transaction sales closes, partial offer acceptance, and on-chain settlement of expired listings in each block. A token lending system will introduce fixed-term NFT loans with automatic returns at maturity.
By later in the day, ENJ traded near $0.033, up roughly 11% over the past week but down 0.5% over 24 hours. Its market capitalization stood at about $66 million, while daily trading volume of approximately $7.34 million fell 42% compared with the previous session. The token remains about 99% below its 2021 all-time high of $4.82. The actual impact of the upgrades will depend on the concrete activity they generate across Enjin's ecosystem.
