Enjin Coin Price Prediction 2024: Can ENJ Regain GameFi Crown?
What's next for Enjin Coin?
Key Takeaways
- Enjin Coin is a long-standing crypto, launching in 2017.
- Can ENJ recover?
- One Enjin Coin price prediction says ENJ can reach $1.26 next year.
In early 2021, Enjin Coin was comfortably the largest gaming crypto. At the time, ENJ’s market cap was double that of its nearest rivals, but since then it has been overtaken and is out of the top 10.
While Enjin could potentially make a comeback, the current momentum favors newer GameFi projects. IMX, EGLD (not strictly a gaming platform, but highly favored by studios), and BEAM seem to be leading the way.
Enjin Coin did not immediately respond to a request for comment.
But what is Enjin Coin (ENJ)? How does Enjin Coin work? Let’s see what we can find out, and also take a look at some of the Enjin Coin Price Predictions that were being made as of February 20, 2024.
Enjin Coin Price Prediction
Let’s examine some of the Enjin Coin price predictions being made on February 20, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
| 2023 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $0.9024 | $1.26 | $2.71 |
| Prediction #2 | $0.76 | $0.90 | $2.60 |
| Prediction #3 | $0.5793 | $0.8727 | $5.78 |
First, CoinCodex had a short-term Enjin Coin price prediction that saw the crypto reach $0.360990 by February 25 before going on to trade at $0.503502 by March 19. The site’s technical analysis was bullish, with 25 indicators sending encouraging signals and eight bearish ones.
Enjin Coin Price Prediction for 2024
CaptainAltCoin said that Enjin Coin would trade at $0.9024 in December, while DigitalCoinPrice said it would reach $0.76 this year. PricePrediction.net , meanwhile, said ENJ would trade at $0.5793 in 2023.
Enjin Coin Price Prediction for 2025
Moving on, CaptainAltCoin’s Enjin Coin price forecast said the coin would trade at $1.26 in 2025. DigitalCoinPrice said it would get to $0.90 that year. PricePrediction.net said ENJ would be worth $0.8727 next year.
Enjin Coin Price Prediction for 2030
Looking at a more long-term Enjin Coin price prediction, CaptainAltCoin said it would reach $2.71 in 2030. DigitalCoinPrice thought it would be worth $2.60 then. PricePrediction.net’s ENJ price prediction said it would trade at $5.78 at the start of the next decade.
Google Gemini AI Price Prediction for Enjin (as of February 20)
Google’s Gemini AI platform gave the following price prediction for Enjin on February 20. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.
Short Term (Next 3 months)
- Expected price: Not Available
- Factors to Consider:
- Overall market sentiment: The general sentiment towards the cryptocurrency market will likely play a significant role in Enjin’s price. If the market is bullish, Enjin could see its price increase. Conversely, if the market is bearish, Enjin’s price could decrease.
- Adoption of the Enjin platform: Increased adoption of the Enjin platform for creating and managing non-fungible tokens (NFTs) could drive demand for ENJ tokens, potentially leading to a price increase.
- Partnerships and developments: New partnerships and developments within the Enjin ecosystem could also positively impact the price of ENJ.
- Regulations: Regulatory changes related to cryptocurrencies could have a significant impact on the market, including Enjin.
Medium Term (Next 6 months)
- Expected price: $0.42
- Factors to Consider:
- Overall cryptocurrency market sentiment: If the general sentiment towards cryptocurrencies remains positive, ENJ could benefit. However, if there is a market downturn, its price could fall.
- Adoption of the Enjin platform: Increased adoption of the Enjin platform for creating and managing non-fungible tokens (NFTs) in gaming and other sectors could drive demand for ENJ, potentially raising its price.
- Partnerships and developments: New partnerships or significant developments on the Enjin platform could create positive news and boost the price.
- Regulations: Regulatory changes related to cryptocurrencies could impact the price of ENJ, depending on the nature of the regulations.
Long Term (Next 5 years)
- Expected price: $1
- Factors to Consider:
- Adoption of the Enjin platform by game developers and players: Increased usage will drive demand for ENJ tokens.
- Development of the metaverse and NFT gaming: Enjin is well-positioned to benefit from these trends.
- Overall cryptocurrency market sentiment: The price of Enjin is likely to be correlated with the broader market.
- Regulations and government policies: Regulatory uncertainty could limit ENJ’s growth.
ENJ Price History
Now, let’s examine some of the highlights and lowlights of the Enjin Coin price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret an Enjin Coin price prediction.
ENJ first came onto the open market in late 2017, when it was worth a little under $0.02. Although the crypto bubble of late 2017 and early 2018 saw it break past $0.40 in January, it soon fell back down.
In early 2021, the crypto market flourished and ENJ shot up. It broke past $1 in March and traded above $3 in April before falling back down. There was a recovery later on in the year as NFT fever spread and, on November 25, it reached an all-time high of $4.85.
After that, the market fell and ENJ closed the year at $2.58.
2022 was a year that crypto enthusiasts would like to forget. ENJ struggled along with the rest of the market. The collapse of the Terra (LUNA) blockchain in May saw NFT and metaverse investors sell their cryptos in droves and ENJ dropped below $1. Things were made worse in November when the FTX (FTT) exchange declared bankruptcy. By the end of the year, ENJ was worth just $0.2411. This meant it had fallen 90% over the course of 2022.
Enjin Coin in 2023 and 2024
2023 has seen ENJ fall overall. That said, it rose at the start of the year, climbing past $0.50 in late February before dropping again. By June 10, with the market in disarray following the SEC’s legal action, ENJ fell to $0.2375. The SEC’s announcement had negated any potential gains that could have been made following the launch of the Enjin Chain. While it recovered to over $0.343 on July 5, another downturn saw it collapse again.
It then ended the year at $0.3807 before going on a rollercoaster for all January. It was worth $0.3542 on February 20, 2024.
At that time, there were 1.38 billion ENJ in circulation, out of a total supply of 1.77 billion. This gave the token a market cap of $488.8 million, making it the 128th largest crypto by that metric.
Is Enjin Coin a Good Investment?
It is hard to tell right now. While there is a theory that you should buy during the dip, we don’t know how long ENJ’s dip will last, nor where it can recover to. That is, of course, if it recovers at all.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in ENJ.
Will Enjin Coin go up or down?
No one can really tell right now. While the Enjin Coin crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Enjin Coin?
Before you decide whether or not to invest in Enjin Coin, you will have to do your own research, not only on ENJ, but on other, related, coins and tokens such as Immutable X (IMX). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Enjin Coin (ENJ) Explained
The Enjin Network is a blockchain-based gaming platform. It has its roots in Enjin, a Web 2.0 gaming system founded by Maxim Blagov and Witek Radomski in 2009. The Network itself came out in 2017.
The ENJ coin supports the Enjin Network. The system has its own blockchain but, before that came out in June last year, it was based on Ethereum (ETH).
How Enjin Coin Works
The Enjin Chain uses a Proof-of-Stake (PoS) consensus mechanism. This means that people can secure the network and add blocks to the blockchain-based on how much ENJ they hold.
ENJ backs the NFTs minted on the Enjin Network. People can also buy, sell, and trade ENJ on exchanges.
Enjin Coin Attention Tracker
Here is a chart for the Enjin Coin Google search volume for the past 90 days. This represents how many times the term “Enjin Coin ENJ” has been Googled over the previous 90 days.
FAQs
It might do, but not for a while. PricePrediction.net said it would get to that level in 2026, while DigitalCoinPrice said it would happen in 2028. CaptainAltCoin thought ENJ would break the dollar by 2030. It is important to remember that Enjin Coin has not been worth more than $1 since May 2022. ENJ backs non-fungible tokens minted on the Enjin Network. People can also buy, sell, and trade ENJ on exchanges. Will Enjin Coin reach $1?
What is Enjin Coin used for?
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
