Enjin’s controversy intensified today after CoinMarketCap expanded the harsh claims of the company: about 93% of Web3 game projects are now “definitely dead,” with signs down by 95% from the peaks of 2022 and the studio’s income falling by 93% by 2025. The note reached a critical point because when the market becomes very rich. Then came the big push.
Enjin’s COO didn’t just do that they don’t agree instead he leaned into it, arguing that most of the failed projects were “the first sign, not the game,” while claiming that Enjin is the remaining 7%. The timing was not random either. The comment came as “Enjium,” a game based on Enjin, was released the same day.
Now, let’s be honest. Critics were quick to point out the obvious: ENJ itself is still below 95% of historical figures. This fact is not the end because the group posts bravado on the X. But this is where it gets interesting as the market treats the Enjin price as a dead ticker right now.
ENJ’s Price Increase Changes the Conversation
On the daily chart, the price of Enjin has quietly created something “dead” that has not gone well and is moving with purpose.
From around $0.020 in April 2026, ENJ rallied to $0.103, a gain north of 400%. That is no ordinary jump. It’s a move that forces traders to look twice.
Sure, the pull from the spike was steady, but it doesn’t scream weakness. If that’s the case, it’s similar to the recovery of health after the explosion. And in crypto, design matters more than titles.
There is a trade area that sits around $0.103 to $0.130, and that’s where the real test lies. Take that away, and suddenly the bigger picture that looks broken from 2022 starts to look… a little broken. That is a very different matter from “certainly dead.”
The Weekly Chart Still Tells the Hard Truth
But let’s be real when you try to zoom out and the weekly chart still looks ugly, it brings doubts in the mind.
Because, the cost of ENJ machines remains hidden under the previous standards. The long-term movement has not moved quickly, and no one can argue that a major shift has already taken place. Not from this design.
That’s what makes this moment so difficult. Because all these things can be true: An engine can still be down 95% in history, and it can also show signs of price response driven by development now.
It is not contradictory. That’s the markets. The biggest difference, perhaps, is work.
As in a field that is condemned to be a graveyard, “doing something” is important. Shipping, launching a game, releasing token reactions, even early on that separates the project from those that are just about to end.
So, Can the Engine Avoid the 93% Issue?
So, what’s next? Given the 93% drop in Web3 games, the story can dominate the imagination, but Enjin is trying to sell against the script. If Engine cost retracement and breaching the $0.103–$0.130 trading wall, traders can resume if this is just another rally or early-year reversal.
And so CoinMarketCap’s nerves may have touched today without meaning. Because sometimes projects that are on fire respond and disappear. Sometimes they respond by building. Right now, Enjin is trying to make the market decide which one it is.
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