What is Enjin ENJ?
Enjin is software built on top of the Ethereum blockchain that empowers users and other projects to create and run non-fungible tokens. It came into being in 2017 with a focus on enabling blockchain and NFTs in the gaming industry, retail reward programs, art, and fashion, among others. Its primary use case is to make it easy for people to manage and store virtual goods.
The use of blockchain technology has allowed Enjin to enhance the management of in-game items across different properties. For starters, it has helped reduce high fees and fraud that have plagued in-game goods and collectibles.
In addition, it has allowed users to create digital assets on Ethereum and integrate them into games and other apps through software development kits. Minted items can be customized to fit desired platforms. They can also be recorded in a smart contract, giving the items the advantages of speed, cost, and security.
ENJ is the native token that powers the Enjin network. With the coin, developers can mint items for gaming environments, among other applications. To mint virtual goods, developers must lock ENJ into smart contracts. The token is also used to back the digital assets issued on the platform.
Enjin Coin has a limited supply. Therefore, the total number of ENJ tokens that will ever be in circulation is capped at 1 billion. Currently, there are 889.99 million ENJ tokens in circulation with a market cap of $615.16 million.
Should I buy Enjin coin today?
Enjin coin has lost more than 85% in market value from its peak high of $4.7 a coin registered last November. It is also down by more than 70% year to date, having plunged to all-time lows. The deep pullback has coincided with the overall cryptocurrency sector crashing in the aftermath of the Luna coin implosion.
After plunging to all-time lows of $0.46, the ENJ coin has bounced back and appears to have found support above the $0.60 level. The $0.58 level has emerged as a critical support level above which the coin is trying to rise from the dead. However, the $0.77 is the medium-term resistance level below which the coin remains bearish.
Until ENJ coins rises and find support above the $0.77 level, it looks set to remain under pressure going by the long-term downtrend. All the major indicators have turned bearish, signaling short sellers are in control.
Conversely, now may not be the best time to buy the coin as the major indicators hint to further losses. Until the crypto crash dust settles and ENJ finds support above the $0.77, it might be wise to be extremely cautious about investing.
What is ENJ price prediction for a year?
ENJ’s short-term outlook remains bearish after the recent slide below the $1 a coin level. The coin remains under pressure on the overall sector, turning bearish after the recent crash. However, sentiments are slowly improving amid waning short-selling pressure after a slide to all-time lows.
Conversely, a bounce-back may be looming. Analysts at Digitalcoinprice.com expect the coin to bounce back and rally to highs of $0.98 before year-end, representing a 40% plus gain from current levels. On the other hand, analysts at Walletinvetsor.com expect ENJ coin to bounce back and average more than $1.6 a coin over the next year representing a 100% plus gain from current levels.
What is Enjin for 2025-2030?
The expected blockchain and cryptocurrency adoption in the mainstream sector is one factor that affirms Enjin’s long-term prospects. Consequently, the coin is expected to bounce back and explode over the next five years, as was the case last year at the height of the crypto boom.
Enjin is expected to be trading at highs of $1.48 by 2025, according to estimates at Digitalcoinprice.com, and hit highs of $3.30 by 2030. Analysts at Walletinvestor.com are overly optimistic about the coin’s long-term prospects expecting it to rally to record highs of $5.5 a coin over the next five years.
Enjin ENJ FAQ
Is ENJ coin a scam?
Enjin is not a scam but a cryptocurrency project that seeks to enhance the creation and management of virtual goods on the Ethereum blockchain.
Will ENJ coin appreciate in a year?
Yes, the ENJ coin will probably appreciate over the next year, going by how volatile cryptocurrency can be. The coin could rally to highs of $1 a coon over the next year.
How much will ENJ be worth in 5 years?
Enjin coin’s long-term outlook remains bullish, with analysts expecting the currency to appreciate to all-time highs of $5.5 a coin over the next five years.
Where do I buy ENJ coins?
ENJ tokens can be bought in some of the biggest cryptocurrency exchanges, including Binance, Bithumb, Balancer, and Uniswap.
