The Enjin Coin has struggled in 2023. The crypto’s announcement that it was to move onto its own blockchain happened just as the United States Securities and Exchange Commission (SEC) was to sue the Binance and Coinbase exchanges. This meant a potential boost for the NFT-related coin was wiped out, and ENJ is down from the start of the year.
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 September 7, 2023.
Let’s examine some of the Enjin Coin price predictions being made on September 7, 2023. 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.
First, CoinCodex had a short-term Enjin Coin price prediction that saw the crypto reach $0.2098 by October 24 before going on to trade at $0.249 by November 18. The site’s technical analysis was, perhaps surprisingly, highly bearish, with 26 indicators sending discouraging signals and just three making bullish ones.
CaptainAltCoin said that Enjin Coin would fall to $0.1885 in December, while DigitalCoinPrice said it would reach $0.42 this year. PricePrediction.net , meanwhile, said ENJ would trade at $0.35 in 2023.
Moving on, CaptainAltCoin’s Enjin Coin price forecast said the coin would trade at $0.7324 in 2025. DigitalCoinPrice said it would get to $0.68 that year. PricePrediction.net said ENJ would be worth $0.77 in two years’ time.
Looking at a more long-term Enjin Coin price prediction, CaptainAltCoin said it would reach $1.83 in 2030. DigitalCoinPrice thought it would be worth $2.11 then. PricePrediction.net’s ENJ price prediction said it would trade at $5.01 at the start of the next decade.
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.
So far, 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.
On October 20 2023, Enjin Coin was worth about $0.208. At that time, there were one billion ENJ in circulation, representing the total supply. This gave the token a market cap of $208 million, making it the 120th-largest crypto by that metric.
ENJ is down more than 13% since the start of the year. Not only that, but it is worth less than half what it was in February and is nearly 40% down from its July high. It is also worth 12% less than its June low.
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.
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.
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.
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 this year, it was based on Ethereum (ETH).
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.
On October 20 2023, there were one billion ENJ in circulation, representing the total supply. 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.
How many Enjin Coin are there?
Will Enjin Coin reach $1?
What is Enjin Coin used for?
On October 20 2023, there were one billion ENJ in circulation, representing the total supply.
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.
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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.