Enjin price prediction: Can it set new high scores?
Enjin reached a new all-time high in November, but has since lost momentum
The Enjin Network has transformed from a gaming community into an NFT powerhouse. It has created a platform for developers to mint NFTs to use in their games. These tokens must be minted from the native cryptocurrency ENJ, giving the coin real-world worth, as users are able to ‘melt’ the tokens back down into the original ENJ investment.
ENJ made plenty of progress in 2021, climbing from $0.13 in January to a new all-time high of $4.82 in late November. However, like many others, the coin suffered substantial losses towards the end of the year and, at the beginning of 2022, saw a 16-week low of $1.38 on 22 January.
Yet the coin has recently started to rally as it launched Efinity, a parachain that is part of the Enjin ecosystem. As we move further into 2022, will Enjin make another bullish recovery or will it be shot down by the bears?
The whitepaper Enjin Coin: Smart Cryptocurrency for Gaming was published on 26 September 2017 and is 34 pages long.
It says ENJ is “a new cryptocurrency (ERC-20 token) and smart contract platform that gives game developers, content creators and gaming communities the required crypto-backed value and tools for implementing and managing virtual goods.”
The whitepaper goes on to outline Enjin’s plans to develop a powerful framework of open-source software development kits (SDKs), wallets, game plug-ins, virtual item management apps and a payment gateway platform.
The document goes on to say: “Monetisation using Enjin Coin will be a key focus, with robust features and toolsets provided. Great benefits will be gained by utilising a decentralised platform and the supporting frameworks.”
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 1m ENJ, 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 again. The end of May saw a temporary spike in the price of ENJ when 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 rising 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 43,000 ENJ.
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.
What is your sentiment on ENJ/USD?
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 2021, 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 run-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 $2.16 on 23 August 2021.
The Enjin cryptocurrency managed to break through the $3 barrier again in November and set a new record. On 25 November 2021, ENJ reached an all-time high of $4.85, but by 1 December, it closed at $3.54. On 7 January 2022, the token closed at $2.34 before falling further to $1.49 on 22 January.
Enjin has recently started to rally after this consolidation period. This followed its “flagship parachain” Efinity launching on the Polkadot blockchain. The platform launched with over 100 games and apps. It climbed to $1.88 on 4 April 2022.
It has since lost these gains and saw dire impacts from the recent crypto crash. Its price plummeted below $1 in May and under $0.50 at the beginning of the following month.
At the time of writing, on 20 June 2022, Enjin is sitting at $0.45. However, it is up 8% in a recent seven-day period, after it unveiled the second version of its wallet for Beta testing.
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, but then saw relatively large losses over the first half of 2022. This has led technical indicators such as the Stoch RSI and CMF to offer different positions.
But a clear pattern is evident from a panel of 26 indicators provided by DigitalCoinPrice. 13 suggest selling and only three suggest buying. It is important to note, however, that technical indicators are not accurate representations of all current market conditions.
WalletInvestor’s forecast for one year’s time is $1.23, while in five years it says the coin should be worth $4.33. The Enjin price prediction for 2022 says ENJ could pass the $1 mark in November.
PricePrediction.net argues that ENJ will reach an average of $2.27 in 2025. However, its Enjin price prediction for 2030 forecasts an average price of $13.73, and it sees the token rising to $21.15 in 2031.
Finally, DigitalCoinPrice suggests an average price of $0.89 in 2025, before dropping to $0.81 in 2026. For 2027, its Enjin coin price prediction expects it to average out at $1.13 and climb to $2.10 in 2030.
Is Enjin a good investment?
It might be. Enjin demonstrated its ability to hook the gaming community during an action-packed 2021, and with the launch of Efinity, the Enjin ecosystem could see another eventful year in 2022.
As ever, though, you should do your own research before investing.
Will Enjin go up?
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. PricePrediction.net’s Enjin price prediction for 2025 says it will hit $2.27, though DigitalCoinPrice believes its price that year will only reach $0.90.
Remember, though, that predictions are often incorrect, and that you should never invest more than you can afford to lose.
Should I invest in Enjin?
That depends. The price predictions for Enjin suggest a bullish trend in the longer term, the extent of which is unclear. Always remember that cryptocurrencies are highly volatile assets.
Before investing in any asset, always do your own research. Your decision should be based on your attitude to risk, your expertise in this market, the spread of your portfolio and how comfortable you feel about losing money. Never invest more than you can afford to lose, and bear in mind that past performance is no guarantee of future returns.