The Enjin blockchain has drawn a lot of attention to itself with price increase partnerships, and now ENJ investors are asking - Will Enjin reach $100?
The answer is it is highly likely that Enjin token prices will rise steadily in the next few years and eventually break above $100. The crypto community is convinced that after more than three years of low blockchain activity and depressing token prices, Enjin has struck Gold in NFT, and this is expected to propel its value to unimaginable heights.
These experts also acknowledge that there has been a lot of developments within the Enjin blockchain, and they have played (and are expected to continue playing) a crucial role in boosting ENJ coin prices. In February last year, for instance, Enjin partnered with Microsoft in creating a cross-platform for NFTs. In March, blockchain technology announced that it was going to launch two NFT-focused blockchains - JumpNet and Efinity.
These, and equally impactful collaborations with the likes of Samsung and PC Gamer, played a key role in inspiring the early 2021 ENJ coin price rally. Having started 2021 trading at $0.13, these helped thrust ENJ token prices up by more than 3,630% to reach $4.85 by 25th November.
For a coin that has struggled with sub-$1 prices for the longest time, the early 2021 price jump indicated that the coin has what it takes to reach unprecedented heights. Some experts even believe that it could be worth as much as $100 in the near future.
But when can we expect it to reach this target price?
When Will Enjin (ENJ) Reach $100?
The truth is, no one can predict with utmost accuracy when Enjin will hit $100. A section of the crypto community isn’t even convinced that Enjin has what it takes to reach or go beyond $100 any time soon. The few that do can only see the coin breaking above this coveted price level in the next decade.
Both camps do not, however, discount the fact that the crypto industry is highly unpredictable, and trader sentiments are fickle. This has been captured in most of the price predictions and expert opinions about the Enjin coins.
But even before we look at what experts have said about Enjin’s campaign towards $100, we have to ask ourselves - is a $100 price tag for one ENJ token feasible?
And the answer is yes. Look at it this way. With a maximum token supply of 1 Billion Enjin tokens, this price would only give Enjin a market capitalization of $100 Billion. This translates to less than 6% of the current total crypto industry market cap.
Standing on Eniin’s path towards this price level, however, is the low demand blockade. By now, you probably know that much of the price action within the crypto markets is influenced by speculative investors and the adoption of a coin as an investment product. But due to its depressing price action in the past, ENJ has not attracted enough demand from either the investors or the developer community to incite a significant price jump.
This is, however, expected to change soon as Enjin blockchain shifts its attention and directs it towards digital collectibles, also known as Non-Fungible Tokens. Much has been said about NFTs in the last few months, and it is clear that the niche is poised for a major lift-off over the next few years. Some experts like William Quigley - a crypto industry insider and co-founder of Tether Stablecoin - is especially confident that NFTs are the next big thing. Adding that, they will become a necessity within the next 10 years.
Given Enjin’s active involvement in the NFT niche, it has an upper hand in the upcoming “NFT Explosion”, which would propel both the blockchain and its token prices to unprecedented heights. Just as the DeFi explosion helped such cryptocurrencies as Uniswap rise to unprecedented heights, an NFT explosion may help give ENJ coins a push towards the $100 target when it happens.
At the moment, however, most analysts and price prediction websites do not believe ENJ will reach $100. The highest price level that the coin can reach between now and 2030, according to the most optimistic forecast from the CryptocurrencyPricePrediction website, is $97.26.
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What Will Happen if Enjin (ENJ) Reaches $100?
If Enjin coin prices were to reach $100 in the next few years, we could expect many things to happen, including:
- First, the Enjin blockchain will have been adopted by corporate institutions interested in NFTs and more of the gaming industry payers. And if the NFT niche explodes as anticipated, Enjin stands to attract the attention of numerous brands looking to collaborate and partner in different NFT related projects.
- The ENJ coin is currently valued at $2.27, which implies that this price would need to grow by 4,305.29% if they are to reach $100. In its journey to this target, ENJ can be expected to post attractive price action, which will draw in many speculative investors whose haggling about the right ENJ coin prices will help push the altcoin prices to new heights.
- Enjin blockchain faces stiff competition from the likes of Tron in its journey to cementing its position as the blockchain for the entertainment and NFT industry. A $100 Billion market cap would, therefore, add credibility to its platform and give it an edge over the competition.
To get to $100, however, Enjin first needs to reach and break above $10, and most experts are confident that it will break above $10 soon. But is it possible for ENJ to reach $10 before the end of the year?
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Will Enjin (ENJ) Reach $10 in 2022?
Given the unpredictability of the crypto market, one cannot rule out the possibility of Enjin reaching $10 by December 2022, although crypto experts believe it will be highly unlikely. They argue that in getting to this price level, Enjin will need to grow its value by close to 10X in the next four months - an uphill task considering the crisis rocking the crypto markets.
A majority of crypto analysts believe that there isn’t enough demand for the Enjin coin to help it force a meaningful price breakout. They add that even though Enjin has partnered with multiple off-chain technology behemoths like Microsoft and attracted a few eSports companies, most of their collaborations are just concepts or are still in their infancy stages. They cannot, therefore, be relied upon to inspire an ENJ price rally.
The coin has thus been forced to react to crypto market price action and rally when the market rallies and falls when it tumbles. At the moment, however, fear, uncertainty, and doubt have engulfed the crypto market and forced most cryptocurrencies to their lows. There is no telling when the crypto market will improve and help Enjin rally again.
Is Enjin (ENJ) A Good Investment?
There is a high chance that Enjin price will soar exponentially over the next few years. Most crypto analysts are confident that the world is gradually accepting blockchain technology, as evidenced by the strategic partnerships entered into by Enjin and leading tech and gaming industry players.
By paying more attention to the NFT niche early on, Enjin is future-proofing its sustainability and boosting its competitiveness, which sets up early ENJ coin investors for maximal profits when the niche finally explodes and sends ENJ token prices skyrocketing.
Conclusion: Will Enjin (ENJ) Reach $100?
While there is no doubt within the crypto community that Enjin will eventually reach $100, analysts and current ENJ coin investors are convinced that the coin will not be reaching this price level any time soon. Most forecasts look at this as a long-term goal that will most likely come true in the next decade. But they also acknowledge that this could change and that ENJ might reach this price level soon if it achieves more adoption and the NFT niche explodes.
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