Enjin is a company that provides an ecosystem of interconnected blockchain-based gaming products, and Enjin Coin (ENJ) is its native token.
Enjin coin is tradable like other cryptocurrencies, but it also focuses on games, NFTs, and other different assets on the platform. The platform allows very easy creation of games and objects. It means that developers can launch different types of content on the Enjin Network.
Enjin Price Prediction 2023: Is Enjin Coin a Good Investment?
The current market price of ENJ is $0.31 and has increased by more than 0.16% in just 24 hours. Attached is his one-day chart:
Before predicting whether ENJ should go up or down in the near future, let’s get an overview of the price history of Enjin coins in recent months. The performance of Enj crypto in recent months can help us get the required context for the future. Let’s discuss:
Above is the chart of ENJ for 1 year and as we can see that the market price of the Enjin coin, a year ago was $ 2.8. So, there is a 9.03x drop in the price of ENJ in a year. In addition, there have been numerous fluctuations that state that the decline has not been consistent.
The chart above shows that the price of Enjin coin has been falling for 3 months (not consistently though), i.e. three months ago, ENJ was priced at $0.52 and has suffered a 1.67-fold drop.
However, ENJ is 14.48 times lower than its all-time highest price, leaving huge room for its growth in the near future.
Enjin Coin Reddit Community Discussions: Is Enjin Coin a Good Investment?
- In a recent discussion, a user compared ENJ to EFI and believed that Enjin is for the short term, while Efinity is for long-term investments. Users believe that the price of ENJ is increasing and could return to $4+ levels like the previous year.
- In another discussion regarding ENJ and its usefulness, most users believed that Enjin was in its early stage of development and that it could take 1-2 years to fully build. One user wrote: “It looks like ENJ is being left behind. Contemplate the sale of this project entirely” while having a comparison between ENJ and EFI.
- In a recent Reddit discussion regarding the latest Enjin Wallet update, users seem to dislike the recent wallet updates. One user wrote: “Even the iPad version is messed up, this wallet is junk.” While, another user commented, “yes, the old version was definitely more user-friendly and less buggy”. One comment also says: “Enjin is a waste of time. All they do is step back from 2019.” Reddit sentiments show that users aren’t very happy with recent updates
Enjin Coin Competition Analysis: Is Enjin Coin a Good Investment?
One of the main competitors of the Enjin coin is Rarible. Let’s compare it with the Enjin coin:
Rarible is the creator-focused NFT marketplace and issues RARI tokens to empower its users. On Rarible, users can create NFTs for various different items, including graphics and in-game items.
Below is the comparison between ENJ and RARI:
|Important audience||Users looking for a blockchain solution to manage next-generation NFT.||Individuals looking for a creator-centric NFT marketplace to create, collect, or sell NFTs.|
|Supported Platform||SaaS, iPhone, iPad and Android.||SaaS|
|Categories||maker, NFT wallets and Dapp browser||NFT, NFT marketplace and MFT creator.|
|Integrations||Four integrations: Aave, Asset Vantage, Cointellig and Koinly||Total 18 integrations including Ethereum|
|Performance in 1 year||-9.03x||-7.99x|
|Performance of the last 3 months||-1.67x||-1.09x|
Conclusion: Is Enjin coin a good investment?
First of all, EJ’s price is almost 14.48 times lower than its all-time highest price, which means it still has huge room for growth. Secondly, ENJ holds a good utility. For example, it allows users to store virtual resources for games and allows them to contribute to the network’s government programs.
Apart from that, ENJ is certainly giving tough competition to its competitors for a year. In addition, the NFT industry is expected to grow at a CAGR of 33.4% by the end of 2028, according to reports. It means there’s huge room for a project like Enjin to grow and thrive in the coming years.
However, as illustrated in EnJin’s November 2022 development report, the main focus was to develop Efinity and EFI tokens. Therefore, it would be safe to say that the Enjin coin ecosystem still needs at least 1 or 2 years to fully develop. The Reddit community also believes that the token is in its early stage of development and the price of ENJ is increasing and could return to $4+ levels like the previous year.
To be a long-term investment, Enjin coin must outperform its competitors in price movements and utility. As of now, Enj crypto needs to develop its platform to beat competitors, and only then can it be considered long-term.
Enjin Price Prediction 2023, 2025 and 2030
Although price forecasts are never accurate to the hundredth percent, proper research and analysis can predict a lot about price movement. Here, let’s try to make a forecast of the price of ENJ coins.
Enjin coin price prediction needs us to analyze the price history of Enjin coin over different time durations:
Enjin coin’s 3-month chart shows that its price has fallen by more than 46.29% (keeping in mind its current price of $0.29) since September 2022, although the decline has not been consistent. The market price of ENJ crypto three months ago was $0.54 and has been declining ever since.
The price of
ENJ a month ago was $0.43, which means that the price of the Enjin coin has fallen by almost 32.55% to reach a current value of $0.29. However, the decline is slightly smaller than its 3-month data. Note that the past movements of any token can predict a lot about its future trend.
Growth in the NFT market
There is an increasing growth of digital art worldwide in recent years. Non-fungible tokens are blockchain-based digital assets and have recently become centers of attraction.
In addition, many of the top companies have now invested in NFT, indicating that NFT is indeed the future of digital art.
According to reports, the NFT
industry is expected to grow at a CAGR of 34.3% by the end of 2028, meaning demand for NFT markets will also increase.
As we know, Enjin coin is not only tradable like other cryptocurrencies, but also focuses on games, NFTs, and other different assets on the platform. ENJ encryption allows easy creation of games and objects. Therefore, the growing NFT industry will actually affect the price of Enjin coins in a positive way.
In addition, Enjin is an ecosystem where users can buy and sell NFTs by installing Enjin Wallet on Android or iOS. Therefore, it has even more chances to grow along with the growth of the NFT industry.
Here are the predictions
Enjin Coin Price Prediction 2023 is $0,646
Enjin Coin Price Prediction 2025 is $1.3
Enjin Coin Price Prediction 2030 is $8.0
Enjin Price Prediction 2040
Enjin Coin Price Prediction 2040 states that the price of ENJ should exceed an average price level of $10.41, and the expected minimum value of ENJ’s price by the end of the current year should be $10.04. The price of the Enjin coin can reach a maximum level of $ 12.46.
Can Enjin coin reach $10?
To reach a price level of $10, the ENJ coin needs to grow nearly 23.25 times, considering its current market price of $0.43.
In addition, ENJ’s all-time highest price was $3.84 which it reached in November 2021, where it grew 4.12 times in 5 months (from the lowest value of $0.93 in June 2021). Thus, it grew almost 0.82 times in a month.
Therefore, to reach $10, ENJ needs a minimum of 28 months (about 2.4 years). However, it cannot be expected to reach $10 so soon, considering the market economic conditions of liquidity, inflation and CPI.
So, the Enjin coin could take more than 2.4 years to reach $10.
Enjin Coin Tokenomics and Use Cases
Enjin Coin has a maximum supply of 1,000,000,000 ENJ tokens and all tokens are in circulation. Below are the main use cases of ENJ tokens:
- Users can use their ENJ tokens to buy and sell NFT in-game on the Enjin Marketplace.
- ENJ token holders can participate in the governance of the platform through voting mechanisms.
- Users can bet their Enjin coins to earn Efinity tokens on the Enjin ecosystem.
Enjin vs Efinity: How do both differ?
Efinity is an NFT platform developed by the Enjin platform. With the use of the Efinity platform, traders can create, transfer, distribute, buy and sell non-fungible tokens. So, let’s make a brief comparison between Enjin (ENJ) and Efinity (EFI) tokens:
|Important audience||Users looking for a cross-chain NFT blockchain platform for the purpose of managing their digital assets.||Users looking for a blockchain platform to manage their NFTs.|
|Supported Platforms||SaaS||SaaS, iPhone, Android and iPad|
|Categories||Blockchain and NFT||NFT creators, Crypto wallets and DApp browsers.|
|Integrations||Asset Vantage, Polkadot, Microsoft Azure, and Microsoft 365.||Aave, Cointelli, Koinly and unMineable.|
|Performance in the last month||+1.16x||+1.65x|
|Performance of the last three months||-1.26x||No net change|