Will Enjin Reach $10?
Will Enjin reach $10? This is one of the most common questions we get from investors who are looking to invest in Enjin Coin.
At first, the answer may seem obvious – who wouldn’t want to see the price of ENJ go up 10x? After all, that’s a return of more than 600%. Who wouldn’t want that return on their cryptocurrency investment? Unfortunately, it rarely works out that way with investments. As the old saying goes, you can’t make a good omelette without breaking eggs.
The unfortunate truth is that if you put your money in Enjin Coin or any other cryptocurrency and hope for it to go up 10x, there are likely three possible outcomes:
- The price of Enjin actually does reach $10 per token, and you’ve made a huge profit.
- The price of Enjin doesn’t reach $10 but increases slightly over what it was when you purchased it, or
- The price drops lower than the purchase price.
Unfortunately, there is no simple answer as to whether Enjin Coin will eventually reach $10. The price will rise and fall based on supply and demand, which in turn can be influenced by a number of different factors, which we will discuss shortly.
Before that, let's look at Enjin's current market standing just to get a good idea of whether it stands getting to $10.
Enjin Coin (ENJ) Current Price
Enjin Coin is currently selling at $1.39 per token in the market, according to CoinMarketCap.
The price has increased significantly from its low of $0.01562 on November 2, 20217, but it has also fluctuated along the way and recorded a huge drop.
Enjin Coin reached an all-time high of $4.00 on April 9th, 2021. It currently has a market capitalization of approximately $1.2 billion with a fully diluted market cap totalling $1.4 billion.
CoinMarketCap reports that Enjin Coin has had a 4.51% price increase in the last 24 hours, with the 24-hour trading volume increasing by 47.67% to $151.5 million.
According to the Enjin website, there are 834,331,121 ENJ coins in circulation, with a total supply of 1 billion coins.
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So, Will Enjin (ENJ) Reach $10?
The Enjin Coin has the potential to reach $10 in the future. All indicators point towards a possible high valuation. But as is the case with most cryptocurrencies, there are numerous factors that could have an impact on the price of Enjin Coin (ENJ) and therefore make it difficult for us to give a straightforward answer.
In fact, to be able to answer this question, you need to ask yourself a series of other questions:
- How many users adopt the Enjin platform?
- What types of games are developed on the Enjin platform? Are they successful? Do people spend money inside these games?
- What types of payment services are built using Enjin Coin? Are they successful, and do people use them regularly for payments?
- How easily can game publishers and development teams implement Enjin platform tools into their games? Will it be highly profitable for them to do so, or will they find better solutions elsewhere?
- How easy is the Enjin platform to use for ordinary users who don’t have enough time or skills to create their own wallets, but want to use ENJ for their favourite games?
- How many users actually end up spending ENJ on customizing their in-game items with Enjin’s platform tools? Will they be incentivized to do so? Are they able to find the right items in the right games?
- How many other cryptocurrencies will exist in the future? Will they offer similar or better value to users, and what does that do for ENJ adoption?
Considering these factors from a business point of view, it’s important to note that Enjin Coin has already passed several major milestones:
- It has been named the most popular cryptocurrency, according to recent coingeek.com polling. This is a good sign that investors are seeing value in ENJ and will continue to support future projects on this platform.
- The Enjin platform has already been implemented into several games, and multiple more publishers are to follow soon.
- Enjin Coin is being developed rapidly. The team has already released several major updates, with more in the pipeline. Their roadmap shows a multitude of future features to be implemented soon as well, and they seem to be releasing new products at a very consistent rate.
Although there are many factors that determine whether ENJ will reach $10, it’s also important to consider the members of the team. Will they continue developing the platform at a rapid rate? Are they continually improving and adding new features for users?
Will Enjin (ENJ) Eventually Reach $100?
The Enjin Coin has the potential to reach $100 in the future, but it is difficult to determine how long that might take. The coin would need to have a market cap of at least $10 billion as well as a circulating supply of 100 million coins and an average daily volume of 10 billion USD to reach this price point.
At the time of this writing, Enjin Coin has seen $151.5 million in trading volume over a 24 hour period. Compared to other cryptocurrencies, this is certainly not a bad number, but it also means that ENJ still has a long way to go before reaching $100 per coin.
What Will Enjin (ENJ) be Worth in 2025?
Enjin has been working hard to get their name out there. They have also implemented several new features on the site which make them stand out from other major cryptocurrencies in the market.
In about five years, the Enjin Network will potentially be much more profitable than it is now. According to Wallet Investor, Enjin Coin will start 2025 at around $6.5 and end the year at $8.1 or as high as $9.7 per coin. From these, we can tell that Wallet Investor believes that ENJ might hit $10 by 2025.
On the other hand, Digital Coin Price is fairly bearish in its prediction and doesn't think ENJ will even cross $5 by 2025.
CoinPedia believes that in the next five years, Enjin Coin will be among the top gaming cryptos and might be as high as $8.8 if it adopts an instant transaction system. Otherwise, if it doesn't add any exciting features, the coin might trade at $7.5 or close to $6 if it faces future regulations.
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Conclusion: Will Enjin (ENJ) Reach $10?
From what we have seen above, it is possible for Enjin Coin to reach $10 per coin, but it will take a lot of time and effort. The good news is that Enjin Coin is already seeing some major success despite being a rather new cryptocurrency. If they are able to implement some new features as well as create their own decentralized gaming store, we could see the price of ENJ increase exponentially.
For the price of Enjin Coin to reach $10, it would need to have a market cap of at least $1 billion as well as an average daily volume of 10 billion USD and a circulating supply of 100 million coins (at this point in time, it has 834,331,121 coins).
With Enjin Coin already being listed on several major exchanges, it may not be that far off for them to reach the $10 mark. If they are able to get their name out there further and keep impressing the community, we could see ENJ surpassing other cryptocurrencies. So far, ENJ has been doing a great job, but they will need to keep innovating in order for them to reach the $10 mark.
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