Enjin price prediction: Can it set new high scores?

Enjin reached a new all-time high in November, but can it keep gaining in 2022?

Enjin logo in front of a graph                                 
ENJ rallied significantly in 2021 – Photo: Alamy
                                

Contents

From $0.13 in January 2021 to a new all-time high of $4.82 in late November, ENJ made plenty of progress in 2021. But the coin, like many others, suffered some substantial losses in December 2021, and is now worth around $2.41. As we move further into 2022, will enjin make another bullish recovery and break even more price barriers?

The Enjin Network has transformed from the gaming community it was back in 2009 into an NFT powerhouse. Enjin has created a platform for developers to mint NFTs to use in their games. NFTs must be minted from the native cryptocurrency ENJ. This gives the coin real-world worth, as users are able to “melt” the tokens back down into the original ENJ investment.

Enjin is providing a platform for users as well. It allows them to buy, sell and trade items they have earned from playing any Enjin-supported game.

2021 was a thrilling year for the enjin platform, filled with plenty of partnerships and surges in its cryptocurrency. Before diving into the enjin price prediction, let’s take a look at its price history.

The story so far

ENJ launched on 1 November 2017 at $0.02 and in its first three years the coin struggled to get past the $1 resistance barrier. However, it did see a price boost in January 2018 when Enjin launched its mobile wallet. As well as being an easy way to store NFTs and ENJ, the wallet also supports more than 600 ERC-20 tokens. On 6 January 2018, the day the wallet launched, enjin coin spiked to $0.44.

ENJ fell after the launch to below $0.01, but it did make some gains in the lead-up to a Binance event in June. Enjin announced in June that it could be traded for BNB, Binance’s native cryptocurrency. To celebrate, Enjin revealed it was giving away ENJ 1m, which at the time was valued at $98,000.

For the next nine months, ENJ could not get past $0.10. It eventually spiked in March 2019 when Enjin revealed a partnership with Samsung, with a statement saying Enjin was Samsung’s wallet of choice. Enjin agreed to assist Samsung with its own blockchain wallet, which stores cryptocurrencies using a secure private key management system. On 8 March 2019, after the news, ENJ spiked to $0.21.

The coin’s price fell again after the announcement and it took over a year before ENJ could reach the $0.20 mark. The end of May saw a temporary spike in the price of ENJ where it hit $0.23 on 28 May 2020. However, it fell back down between the $0.10 and $0.20 mark for the rest of the year.

A bullish 2021

Enjin was on a bullish trend in 2021, and managed to keep the momentum going for most of the year. The price started gaining at the beginning of March, when Houbi announced it was listing ENJ and ran a staking event. The event started on 15 March and ran over two days. Users who deposited and staked ENJ could see rewards of up to ENJ 43,000.

In the lead-up to the event, ENJ was on a run that shot past $1. This continued, and on the first day of the event ENJ skyrocketed to $2.69.

The price did not fall below $2 and reached even higher the following month. Coinbase started listing ENJ on its exchange in April and the price saw another surge: on 9 April, the day of the listing, ENJ reached a high of $4 before closing at $3.45.

ENJ did fall below the $1 mark in May, but a brand engagement experiment managed to pick the price up slightly. Enjin airdropped 50,000 unique NFTs through digital adverts and social media posts. This showed a new way for brands to interact with potential customers. The price almost reached $2 when the experiment launched. However it immediately fell the next day and over the next few months.

It was not long before another spike. In late August, Enjin revealed it was collaborating with Blockster, a crypto social network. In the lead-up to Blockster’s public launch, Enjin gave away up to 400,000 NFTs to early Blockster users. August saw another announcement that the cryptocurrency was available to trade on the Bitstamp exchange. After the news, ENJ reached $2.15 on 23 August.

The enjin cryptocurrency managed to break through the $3 barrier again in November and set a new record. On 25 November ENJ reached an all-time high of $4.82. It has fallen since then and on 1 December it closed at $3.54. By 7 January 2022, the coin was valued at $2.41.

As the ENJ token is a metaverse token with great popularity and excellent utility, the token may be a big attraction for investors. According to CoinMarketCap, it is currently ranked fifth place among metaverse tokens in terms of market capitalisation.  

Enjin price prediction 

The ENJ token saw a rise of almost 15,000% from the beginning of 2021 to its all-time high of $4.82 in November. Despite some relatively large losses over 2021, technical indicators such as the Stoch RSI and CMF forecast a bullish trend in the near future. 

However, many of the SMAs (10-days plus) indicate a downward movement in the short-medium term. It is important to note that technical indicators are not accurate representations of all current market conditions. 

WalletInvestor’s forecast for one year’s time is $4.93, while in five years it says the coin should be worth $13.12. The enjin price prediction for 2022 says ENJ could come close to the $5 mark towards the end of the year, while its longest-term enjin coin price prediction is an optimistic $13.12 for 2027. 

PricePrediction argues that ENJ will reach an average of $10.55 in 2025. However its enjin price prediction for 2030 forecasts an average price of $62.60 at time of writing, rising to $90.95 in 2031. 

Finally, DigitalCoinPrice suggests an average price of $5.15 in 2025, $4.62 in 2026, $6.67 in 2027, $8.48 in 2028 and $10.29 in 2029. 

FAQs

It might be. Enjin demonstrated its ability to hook the gaming community during an action-packed 2021, and with the potential launch of Efinity, the Enjin ecosystem could see another eventful year in 2022.

As ever, though, you should do your own research before investing.

It could do. The consensus among those making an enjin crypto price prediction is that the coin will gradually gain in value over the next 10 years.

WalletInvestor’s enjin price prediction for 2025 calls the coin “an awesome long-term (1-year) investment,” while PricePrediction and DigitalCoinPrice believe its price that year could reach $10.55 and $5.15, respectively.

Remember, though, that predictions are not always correct, and that you should never invest more than you can afford to lose.

It depends. The price predictions for enjin suggest a bullish trend in the longer term, the extent of which is unclear. Many technical indicators suggest selling, but it is important to do thorough research before investing in any cryptocurrency. 

Further reading:

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