There has been a groundbreaking new way of making payments since 2009. The development of Bitcoin, the first decentralized peer-to-peer payment system, has resulted in the development of a novel and a thriving array of payment systems known collectively as ‘cryptocurrencies.’ It is undeniable that cryptocurrencies are a significant and growing component of today’s digital economy.
Digital assets and the concept of decentralization have received a lot of attention as a result of the confusion caused by COVID-19. For the first time, banks have begun to purchase cryptocurrencies to allow B2B cryptocurrency payments between their customers. Moreover, banks in the United States are developing their own blockchain-based systems, which include digital currencies. And not just Bitcoin, the rise and acceptance of Altcoins has bought the BTC market dominance for the first time in 2021.
The growth is not stagnant to just one place. Non-fungible tokens (NFTs) have risen in popularity sharply in recent months, from relative obscurity just a few months ago. This has arisen as a result of their widespread use in the transaction of various forms of digital content (including artworks), frequently for exorbitant sums. It’s difficult to ignore the relentless online news stream on NFTs. As a result, NFT tokens are on a high road these days.
Enjin Coin is one such token, whose market cap and trading price have increased rapidly over the past few months. Enjin Coin was revealed in July 2017 and went live on the Ethereum mainnet in June 2018. Currently, the price of the token is $2.09, which is up from $0.13 at the beginning of the year. It is the fourth-largest NFT token today, according to CoinMarketCap.
Hence, if you’re considering investing in the coin, this article will provide you with a long-term price forecast for Enjin Coin. This article will give you a quick rundown of the Enjin Coin price forecast for the years 2021 and beyond (up to 2025). The goal is to assist you in determining whether it is worthwhile to invest in Enjin Coin.
What Is Enjin Coin?
Enjin Coin is a project of Enjin, a company that offers a blockchain-based gaming ecosystem of interconnected goods. The Enjin Network is the company’s flagship product, a social gaming platform that allows users to build websites and clans, chat, and host virtual item stores. It uses Enjin Coin, an ERC-20 token, to back the digital assets provided through its website, allowing them to be purchased, sold, and exchanged in real-world currency.
Over 20 million Minecraft players have used Enjin’s community management tools to stay linked and shape strong networks of like-minded players. They set out to create the ultimate all-in-one tokenization platform by implementing this user-first approach to blockchain.
The Enjin cryptocurrency project was designed to be a complete ecosystem that provides its users with a powerful suite of products that enable everyone to enter the world of blockchain, regardless of their prior knowledge of the technology.
Enjin was also one of the first campaigns to test the Raiden Network, Ethereum’s version of the Lightning Network, before choosing to focus on Efinity, a custom scaling approach. Enjin, which was established in 2009, has its origins in the gaming industry, with its first product, a gaming community portal called the Enjin Network, amassing 20 million users over a decade.
The Enjin Coin (ENJ) Cryptocurrency
Just 823,130,411 ENJ tokens are in circulation out of a total supply of 1,000,000,000 ENJ tokens. Enjin (ENJ) is a cryptocurrency that was built on the Ethereum blockchain and launched in late 2017 via an initial coin offering (ICO) that raised $18.9 million. Its gaming community forum, on the other hand, was released in 2009. Binance, Kucoin, Coinbase, HitBTC, Bittrex, and Liqui are among the most well-known trading sites for this digital currency.
How Does the Enjin Coin Work?
Enjin Coin, according to co-founder Radomski, is a unique token minted with Enjin Platform, the company’s blockchain asset creation platform launched in February 2020, which is directly backed by ENJ, providing real-world liquidity to in-game products.
Developers who use the Enjin platform to mint must also use Enjin Coin. ENJ tokens are extracted from their wallets and held within the assets they make, essentially removing them from the market and creating scarcity while also providing a simple use case for the token. Enjin Coin employs a combination of on-chain and off-chain operations. When a transaction within the Enjin ecosystem is done, a trusted platform contacts the users’ smart wallets, and the website or game is automatically modified with a substitute or non-tradable version of the digital object before the transaction is checked by the Ethereum blockchain.
Something that adds more to the list is its ability to manage virtual goods. Building and managing virtual products are the key function that the Enjin project provides its users. Developers will launch their cryptocurrencies backed by the Enjin Coin, making the incorporation of cryptocurrencies into the gaming world and gamification itself far easier.
Enjin Coin Technical Analysis
Enjin Coin Price in 2020 and Earlier
The performance of Enjin Coin was quite good in the year 2020. It gained popularity and acceptance throughout 2020. It started the year with a trading price of $0.07 and ended the year with $0.13. Earlier that, the coin had several ups and downs. ENJ fell through February, rapidly falling below $0.01 by mid-March, as a result of the market-wide downturn in Q1 2018. After a brief rebound, rates approached $0.20 in May. By the end of the month, however, the downturn had begun at a slow but steady rate that has not abated since.
In 2018, a bearish theme dominated Ethereum-based tokens and the entire cryptocurrency sector. ENJ, an ERC20 token, crashed along with the rest of the industry, which was unsurprising. Since its all-time high in December, the coin has lost over 95% of its value. Since mid-December that year, however, the coin showed resilience, fluctuating at or below the $.05 mark. The first few months of 2019 were largely down, until a rally at the end of February and early March saw the price of ENJ rise 500% to $0.22.
Factors Affecting Price of Enjin Coin Token
The maximum supply of Enjin coins is 1 billion ENJ, and any ENJ not in circulation has been locked up in digital assets minted on the Enjin website. As a result, ENJ is considered a scarce commodity, similar to Bitcoin. The available supply of ENJ essentially decreases as ENJ are locked into smart contracts to build NFTs and other digital assets – unlike Bitcoin. The ENJ price would most likely rise if supply decreased while demand remained stable or increased.
The Enjin Network’s level of adoption has a direct effect on ENJ price because the more developers who use it, the more demand there would be for ENJ to use while minting tokens. Changes in the global economy, as well as movements in other cryptocurrencies, especially Bitcoin, may have a knock-on impact on the price of Enjin.
Enjin Coin Token Price Prediction 2021
Since the token is witnessing a bullish trend during the last couple of months, it is expected for the token to continue to do so. Enjin Coin had a selling price of $0.13 when the year 2021 began. On a positive note, the price began to increase and is now trading at $2.09. The price of Enjin Coin is expected to rise to a new high if investors concentrate on it. At the time of writing, the ATH is $3.59. If the group focuses on lowering transaction fees, the coin’s value will rise. ENJ could hit an all-time high of $8 by the end of 2021.
Enjin Coin Token Price Prediction 2022
There are several reasons for ENJ’s price to increase. The use case is ideal because blockchain may make its first significant breakthrough in the gaming industry.ENJ may begin the year 2022 for $11. The group will concentrate on turning the gaming industry around. It could improve its platform by providing more flexibility and accountability. The price of Enjin Coin is expected to be $15 by the end of 2022.
Enjin Coin Token Price Prediction for the Next 5 Years
A long-term price prediction mostly looks for the token because of various reasons. One of the things that set Enjin apart is that it allows developers and content creators to build virtual objects on the blockchain, giving users real blockchain ownership. Enjin also makes it simple for third-party developers to integrate its products, which is a massive plus for the company’s future.
ENJ can rise as a result of certain developments and collaborations. ENJ may be considered the best gaming cryptocurrency on the market in five years, and it may even make the top 40 cryptocurrencies list. If it focuses on improving its protocol and instant transaction framework, it will be able to attract more investors and users. Enjin Coin could be worth $34 by 2025.
Enjin Coin Price Prediction by the Market
With the market being so volatile, predicting the cryptocurrency price is more of a risk and luck than a data-driven guesstimate.
Let’s take a look at some of the most prestigious publications and personalities, as well as their predictions for the ENJ price, to get a different perspective.
This site is quite positive about the growth of the token. ENJ can be a lucrative investment choice if you are searching for virtual currencies with a high return. On 2021-05-13, the price of Enjin Coin was 2.150 USD. If you buy Enjin Coin today for $100, you will receive 46.502 ENJ. According to their projections, a long-term rise is anticipated, with a price estimate of $11.916 for 2026-05-09. Revenue is forecast to be around +454.23% after a 5-year investment. In 2026, your $100 investment will be worth $554.23.
Digital Coin Price
Yes, Enjin Coin’s (ENJ) price will increase according to their predicted data in the future. In one year, the price of one Enjin Coin could rise to $3.55, nearly doubling the current price. Enjin Coin is a profitable investment based on their forecasting. The site mentions that by the end of 2021 the price will reach an average price of $3.43. And by the end of 2022, the price average will be $3.82.
The site says, with a price of $0.13, Enjin Coin began the year 2021. The token began to rise in value and reached an all-time high of $3.59 on April 9, 2021. ENJ may focus on partnerships and integrations with specific gaming websites. It may implement new offerings to exacerbate the scaling issue, and it may be priced at a higher price. The digital currency may be worth as much as $5 by the end of 2021.
The platform is bullish on the token, claiming that based on the data, it can be predicted that investing in Enjin Coin (ENJ) for the long term is profitable. Long-term refers to the Enjin Coin forecast for 5 years or more. After 5 years (from today), the price of Enjin Coin (ENJ) will be about $5.3851. The algorithm-based technical analysis predicts that the price of Enjin Coin (ENJ) will not decrease, fall, or drop in the long run.
The price of the Enjin coin has fluctuated greatly, from $0.02 after its 2017 ICO to more than $3.50 in 2021, at the time of writing. However, the journey was not without bumps, as Enjin’s volatility caused numerous spikes and crashes for successful traders to profit from along the way. Is the growth sustainable to hit new all-time highs in 2021? That is the question on everyone’s mind, existing and future ENJ holders alike. The odds are that bitcoin is not yet finished with the bears, which means that altcoins will see more bull runs in 2021.
Enjin is destined to succeed, particularly when we consider the project’s fundamentals. The project has seen massive technical advancements, exponential community development, plentiful liquidity, and genuine acceptance is on the horizon. Moreover, there have been no major setbacks yet, and we hope it will remain that way. Nevertheless, it is always very important to do your research before you decide to invest in the token.