Is Enjin (ENJ) A Good Buy?
The Enjin coin started making bold moves earlier in the year when it shot up by more than 3000%, now everybody is asking; is Enjin coin a good buy?
Though it has been around for close to four years, the Enjin coin has all the markers of a new altcoin, which makes it an unpredictable bet. It, therefore, can be a good or bad buy depending on which aspect of the altcoin’s existence that you look at. It is a bad investment if you look at its depressing price performance between 2017 and 2020. But when you look at its price action in the first half of 2021 and the hugely optimistic expert predictions about the altcoin, Enjin coin then becomes a great buy and valuable addition to your crypto portfolio.
The Enjin network was set up with the aim of accelerating the adoption and use of blockchain technology in the social gaming and entertainment industry. But this hasn't worked as its uptake has been rather slow. The Enjin network developers probably understood this, too, hence the rush to revamp the ecosystem and shift its focus from the gaming industry to the larger NFT niche.
Whether this strategy works remains to be seen. But it is clear that the uptake and success of the NFT technology will play the biggest and most critical role in influencing ENJ coin’s future price action.
After the ICO and the DeFi crypto wave, the community is now convinced that NFTs will be the next big thing. Seeing that the Enjin network is already working towards making their platform the most NFT friendly ecosystem, one can't help but wonder if now is the best time to buy ENJ tokens.
So, Should You Buy Enjin (ENJ)?
Despite its rather depressing price action for more than three years, Enjin coin has always been a good buy largely because of the fact that it always maintained a positive ROI. Recent developments within the Enjin network and around the crypto industry have only helped reinforce its appeal as a valuable addition to any crypto investor’s portfolio. These, then, make up the two primary reasons why you should consider buying the Enjin coin in 2021.
We also can't overlook the impact that the highly anticipated NFT wave will have in determining whether the Enjin coin is a good buy or not. If you believe the Decentralized Finance (DeFi) era has run its course and that the industry is ready for a new wave, i.e. the NFTs, you should consider investing in the Enjin coin in anticipation of a possible price rally when the NFTs technology eventually lands and takes over the industry.
Why Is Enjin (ENJ) So Popular Right Now?
After more than three years of dormancy, the Enjin coin is now one of the most talked-about cryptocurrencies within the crypto circles because of its unexpected price rally earlier in the year. Within three months, it grew its value by more than 3,000%, making it one of the fastest-growing altcoins for the year and a favorite for short-term crypto traders.
However, a month after this unprecedented price rally has settled, the Enjin coin still finds itself at the center of most crypto discussions because of the developments taking place within its network and the impact they are presumed to have on the future of the crypto industry.
For instance, while it isn't the only blockchain technology that is getting ready for the NFT age, it certainly has come up with some of the most aggressive and NFT-friendly reforms aimed at readying its ecosystem for this new era.
How much is Enjin (ENJ) Worth Today?
At the time of writing, the Enjin coin is trading at $1.72 on CoinDesk, having gained close to 7% in the last 24 hours. It has a market capitalization of $1.437 billion and has been trading within the $0.92 and $1.75 range for the last 30 days.
Close to four months ago, on 9th April, the altcoin hit its all-time high when it broke above $4, which says that there is still room for the coin’s value growth.
It is important to note that Enjin started the year trading at around $0.13, which places its year-to-date growth rate at 1300% and confirms that altcoin has been growing faster than more popular cryptocurrencies, including Bitcoin and Ethereum.
Yet, crypto experts are convinced we haven't seen the last of it and that its prices will maintain an uptrend in the foreseeable future. But how high up can the Enjin coin prices get before the end of the year? $10, maybe?
Will Enjin (ENJ) Reach $10 in 2021?
It is not at all impossible for the Enjin coin prices to continue growing and break above $10 by December 2021. However, most crypto experts and price prediction websites believe that it will be highly unlikely for the ENJ coin prices to break above these target levels in the next four months. Even the most optimistic prediction from the CryptocurrencyPricePrediction website doesn’t believe Enjin will break above its current all-time high and indicates that ENJ will end the year valued at $3.81.
Much of this pessimism stems from the altcoin’s limited demand and use cases, as well as the prevailing crypto market situation. Crypto experts argue that other than using ENJ coins to facilitate transactions within the Enjin network, there is little else anyone can do with the old coins because they are yet to be accepted as a medium of exchange or a store of value.
Additionally, the crypto market is still hugely indecisive on whether to break out or continue with a downtrend. And given that much of the altcoin’s price direction is relative to the crypto market’s performance, it too is stuck in this indecisive stage.
There nevertheless is a ray of hope that the ENJ coin could possibly break out and soar above $10 by the end of 2021. A few experts believe that the upcoming Taproot upgrade to the Bitcoin blockchain could help incite yet another wild crypto market rally that helps ENJ coins resume their April 2021 price rally and grow their value by the 6X required to break above $10.
Check Out: What Will Enjin (ENJ) Be Worth in 10 Years?
How to Easily Buy Enjin (ENJ) on eToro?
The fact that you have come this far into our Enjin coin investment guide tells us that you are confident the altcoin may just be a good buy and that you are ready to add some into your crypto portfolio. That said, we would recommend that you buy your first ENJ coins from the highly reputable eToro brokerage.
Here is the step-by-step guide on how to buy Enjin coin on eToro.
Step 1: Start by creating a crypto trader account on eToro and verifying your identity.
Step 2: Next up, deposit some funds into the approved account. Note that the minimum initial deposit on eToro is $200.
Step 3: Head to your eToro account user dashboard, select ENJ coins from the list of supported cryptocurrencies and click on the ‘BUY’ option.
Step 4: Customise the trade by entering the amount of Enjin coins you wish to buy and click on the “Open Trade” tab to authorize the transaction.
That's it. You now are an active ENJ coin investor.
Conclusion: Is Enjin (ENJ) a Good Investment?
Going through this Enjin coin investment guide, you have probably noticed that much of its value is derived not from what it is offering at the moment but what it is expected to offer in the future. Your decision on whether ENJ is a good or bad buy will, therefore, depend on your interpretation of the Enjin ecosystem and the altcoin’s role in the future of the crypto industry.
It is a good buy if you believe that the NFT wave will be a huge success and that corporates who wish to join the industry in the future will favour fast and affordable blockchains like Enjin to the more established but sluggish and expensive ones like Bitcoin and Ethereum. Overall, the majority of crypto analysts and price prediction websites are confident that Enjin token prices will continue rising in the foreseeable future, which effectively makes it a good long-term investment.
eToro – Best Platform to Buy Enjin
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.