Enjin Coin (ENJ) was in our Top 5 altcoins to buy in March. It made in 7 days a 200% price increase. The current price is USD 1.70. Can Enjin reach 10 Dollars? This article is a quick explainer on what is Enjin Crypto, why Enjin Coin is booming, and what are its potentials.
What is Enjin Coin?
Enjin company is behind Enjin Network, which is a social gaming platform. On this platform, users can create websites, clans, virtual shops, raid chats, and other features that come with the gaming world. They use the Enjin coin, which runs on the Ethereum blockchain, using ERC-20.
In addition to all that, Enjin works with NFTs. They are the initial creators of the ERC-1155 token standard, which is specially made for NFTs. Enjin focuses on in-game items and collectibles. Currently, they aim to tackle the problem of Gas Fees on the Ethereum network, and are looking to find a solution for scaling and interoperability (aka the ability of different computer systems to exchange information).
Enjin partners with Big Tech?
Back in 2019, Enjin Coin exploded after announcing its partnership with Samsung, which was going to use Enjin wallets for its new Samsung Galaxy phones. This actually happened, but the momentum got lost soon afterward.
This year in February 2021, Enjin launched NFTs for Microsoft Azure and Minecraft. Those who successfully finish the Space Mystery game can claim their NFTs stored in Enjin game wallets. The rewarded NFTs can also be used in the popular game Minecraft. Here’s a list of major companies that partnered with Enjin:
- PC Gamers
- NRG eSports
- Integrated Engineering Blockchain Consortium
Enjin (ENJ) Price Analysis
Despite its recent price jump, Enjin still has HUGE untapped potential. Due to its deflationary nature, Enjin coins tokens are decreasing with time, currently around 834 Million tokens. This is a HUGE bullish indicator, along with the fact that all minted Enjin coins are already in the market. This way, there won’t be any dumping of excess coins.
Since Jan 2021, Enjin did more than 10x to-date. The uptrend is far from over because Enjin is a deflationary token. Also, retail traders did not enter the market yet to push the price further, and more fundamental news will definitely push prices higher. Enjin is definitely undervalued at the moment. It has a current market cap of around USD 1.3 Billion. In fact, it can do another 10x to reach at least USD 10 Billion. This might in turn lead Enjin to reach USD 10. For the moment, prices might retrace for sure, but for a long-term investment, this is a solid one.
- Current Price: USD 1.685
- Tokens in circulation: 834.4 Million
- Market Capitalization: USD 1.3 Billion
- Market Cap rank: #53
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