Non-fungible tokens (NFTs) soared in popularity in 2020, gaining traction with buyers and the general public. Since 2017, Enjin (ENJ) has been inspiring users and developers to launch their own NFTs and has served as a dominant player in the NFT space.
Warren Buffett once said: “Be fearful when others are greedy, and be greedy when others are fearful.”
According to his quote, the current bear-market scenario could be a good investment opportunity for long-term investors since nearly all cryptocurrencies have dropped from their previous price peaks.
The enjin coin is considered an innovative cryptocurrency with the potential to transform the worldwide video game industry. According to CoinMarketCap, the price rose by more than 2,800% between January and early April 2021, hitting an all-time high of $4.00. However, prices have consolidated and it is now worth $1.20 (as of 25 May 2021).
This article will discuss the enjin coin price prediction, as well as its fundamental analysis, analysts’ forecast and growth potential.
What is Enjin (ENJ)?
The Enjin network is a multi-product marketplace and a social-gaming platform that allows users to create, distribute, store, exchange and even integrate tokenised digital assets.
Enjin users can design and reconfigure ENJ-backed digital assets in novel ways, ranging from art NFTs to digital rewards to merchandise that can be found through many video games. Enjin connects more than 20 million players from around the world, delivering blockchain-based interconnected gaming products.
The enjin cryptocurrency was created as a comprehensive ecosystem that provides its users with a compelling set of applications intended to enable anybody, regardless of blockchain experience, to enter the world of cryptocurrencies.
What is the enjin (ENJ) token?
Enjin coin is an ERC-20 token as well as ERC-1155 token based on the Ethereum network, which ensures the project supports payments and smart contracts. Enjin has a finite supply, with a cap of one billion units.
The ability to construct and operate virtual products is the key function of the enjin coin. Developers can launch their cryptocurrencies backed by the enjin coin, making cryptocurrency's incorporation into the gaming universe far easier.
Programmers who mine on the Enjin ecosystem must also use enjin coins. The necessary quantity of ENJ tokens are withdrawn from their wallets and locked within the assets they develop, essentially removing the tokens from the marketplace and generating scarcity while still offering a strong use case for the coin.
Enjin news and highlights
Microsoft and Enjin partnered in February 2021 to add cross-platform custom NFTs to the market. Microsoft claims that the current project shows that different platforms, software and games can thrive simultaneously.
More than 20 million Minecraft players already use Enjin's community software suite to stay interconnected and construct close relationships with like-minded players.
In March 2021, Enjin announced it would launch two new blockchain technologies, dubbed JumpNet and Efinity, in response to the gas fees – payments to workers – on the Ethereum network. The company claims the two blockchain solutions would improve funding for NFTs, thus eliminating Ethereum's high gas fees.
Enjin crypto prediction
The ENJ token is currently priced at $1.26 and has a market capitalisation of roughly $1bn, according to CoinMarketCap, putting it in position 80th in terms of market capitalisation (as of 25 May 2021).
The enjin coin price has been bearish lately, slipping from a seven-day high of $2.02 on 18 May 2021 to a seven-day low of $0.74 on 23 May, before improving to $1.20 at the time of writing.
It's important to bear in mind that the cryptocurrency market has been bearish for quite some time and more crashes could drive prices lower.
Analysts, on the other hand, remain optimistic about enjin price prdictions. The ENJ/USD forecast and growth prospects are positive, according to WalletInvestor and DigitalCoin.
Trade Enjin Coin to US Dollar - ENJ/USD CFD
Enjin price prediction 2021-2028
WalletInvestor is bullish about enjin coin's long-term prospects. They forecast that by the end of 2021, the ENJ token would be worth $1.46 on the conservative side and $2.22 on the ambitious side, predicting that the enjin coin has a strong hope of recovery from its current bearish outlook.
According to WalletInvestor's long-term enjin (ENJ) coin price forecast, the coin will be worth $1.46 by the end of 2021, $3.06 by the end of 2022, $4.46 by the end of 2023, $5.70 by the end of 2024, $6.89 by 2025, and $7.48 by the end of 2026.
Likewise, DigitalCoin has given bullish enjin price predictions. They expect a 300% increase by 2028. However, their enjin future price targets are more conservative.
They predict the price will be $1.87 by the end of 2021, $2.24 by the end of 2022, $2.76 by 2023, $2.89 by 2024, $3.8 by 2025 and $4.25 by the end of 2026. They also predict that the enjin price will reach $5.55 by 2028.
Is investing in a bearish market worth the risk?
It's no secret that the cryptocurrency market is incredibly volatile owing to a lack of regulation and a plethora of speculative opportunities.
Investing in cryptocurrencies could be profitable when they deliver a good return on investment. However, it is not always possible to time the market to take the right position. If risk management and stop-loss options are not used properly, investing, particularly in a bear market, could result in significant financial losses.
Contracts for difference (CFDs) allow you to speculate on the price fluctuations of ENJ/USD and other popular cryptocurrencies, including bitcoin (BTC), ethereum (ETH) and dogecoin (DOGE). Without buying the coins themselves, CFDs enable you to go long or short based on the market's performance.
You can go long on ENJ, for example, if you think the price will increase. You can go short if you think it would fall. Thus, you can profit from any market movement, whether it be upward or downward.
Enjin has experienced a significant spike in price in 2021 and has gained widespread popularity with investors and the general public. It also has a good founding team, a robust blockchain network and a favourable analysts’ outlook. Each of these factors suggests that Enjin could be an interesting cryptocurrency to watch.
The enjin coin price is expected to hit $5 by 2024, according to WalletInvestor, and by 2027, according to Digital Coin.
If you want to buy ENJ cryptocurrency tokens you could go to the Binance crypto exchange, which handles nearly 40% of global volume. However, proceed with caution because the market is experiencing a bearish movement as of 25 May 2021. Alternatively, you can trade enjin coins with contracts for difference, speculating on ENJ token’s volatility and price swings.
Enjin is expected to break its bearish market trend in the coming months, according to analytical agencies such as WalletInvestor and DigitalCoin. However, any negative news/event may cause prices to fall even further.
According to an enthusiastic WalletInvestor forecast, the price of the ENJ coin could hit $7.48 by 2026, up considerably from its current price of $1.20 (as of 25 May 2021).