enqAI Price Dips After 200% Rise in a Week

The enqAI price has declined by 6.5% in the last 24 hours.

According to CoinGecko, the price peaked at $0.043 on Sept. 28 but then dropped to $0.032. At the time of writing, the coin has partially recovered and is trading at $0.036.

The 24-Hour enqAI Price Movement. Source: CoinGecko

enqAI Soars Over 200% in the Past Week

As reported by CoinGecko, the price surged by 222% in the last week alone. On Sept. 22, the enqAI was valued at $0.010. By Sept. 24, it had jumped to $0.028, nearing the $0.030 threshold.

The following day, the enqAI price breached the $0.030 mark and reached $0.032. The 7-day high was achieved on Sept. 27 when the price hit $0.042.

The 7-Day enqAI Price History. Source: CoinGecko

This rapid surge caught the attention of the broader crypto community. Despite this, enqAI remains largely absent from centralized exchanges (CEXs). Most of its trading volume is concentrated on Uniswap V3 (Ethereum).

CoinGecko data shows that 89.09% of enqAI’s trading volume occurs on Uniswap V3 (Ethereum), which is virtually the entire market for the token. Such a concentrated trading environment could be contributing to its high price volatility, as trading is confined to a single ENQAI-Wrapped Ethereum (WETH) pool.

The Top Exchanges by enqAI Trading Volume. Source: CoinGecko

Why is enqAI’s Price Rising?

enqAI is part of the growing artificial intelligence (AI) token segment. Since Sept. 27, the project has released several updates on X (formerly Twitter).

The team has announced the launch of new APIs and highlighted the use of their proprietary AI model.

What makes ENQAI different: Our Proprietary AI model

Most AI systems are fragmented bodies, with a “brain” borrowed from centralized sources like Llama or OpenAI. These systems act as derivatives—extensions of an existing source, limited by its rules, biases, and constraints. 1/

— 𒀭 enqAI (decentralized, unfiltered) (@enq_AI) September 27, 2024

However, it’s uncertain whether these announcements alone can justify a 200%+ increase. The broader AI sector is still in its early stages, but it shows promising growth potential.

According to CoinGecko data, enqAI is not listed among the top 10 AI coins by market capitalization, which stands at $35.1 million.

However, a comparison reveals that enqAI has outperformed several top AI coins in price appreciation over the last 7 days. For instance, Near Protocol (NEAR) saw an increase of only 21.6%, while Internet Computer (ICP) experienced a 12.4% gain.

In contrast, the Artificial Superintelligence Alliance (FET) faced a decline of 4.6%.

The AI Coins Ranked by Market Capitalization. Source: CoinGecko