Can Enjin Coin reach $1000? Enjin Price Prediction Today
Can Enjin Coin reach $1000? It should theoretically reach a value of $1000 in more than 388 years (keeping in mind its 0.74 times growth in one month.
Latest Enjin Coin Price
Enjin provides an ecosystem of interconnected blockchain-based gaming products and Enjin Coin (ENJ) is its native token. The coin is tradable like other cryptocurrencies but also focuses on games, NFTs and other different assets on the platform.
Now, two important questions here are, Can Enjin Coin reach $1000?” and “How much time will it take to reach that value?” Let’s try to find out in this report:
Let us first analyze various factors (such as ENJ’s price movements, its competitors etc) that can help us determine ENJ’s growth rate in the future.
ENJ’s price history and movements
Below attached is ENJ’s all-time graph; we can see that the coin peaked at $4.22 in November 2021:
Image: ENJ’s all-time graph
ENJ’s lowest price was $0.020, meaning that it took nearly 48 months for Enjin to reach its all-time high price of $4.22. Note that, it was almost 211 times growth from its lowest to its all-time high price.
Keeping in mind, its current price of $0.29, we can safely say that ENJ’s price has declined by more than 145 times in just 13 months, though it has faced many fluctuations in between.
Considering a growth rate of 211 times (which it showed to reach its all-time value) which it completed in 48 months, we can say that it can grow at a rate of 4.39x in one month.
However, ENJ’s price peaked during April 2021 (before reaching its all-time high value) and then declined to the lowest value of $0.94 in May 2021. Therefore, it would be more practical to consider its growth from $0.94 to $4.22 till November 2021, meaning that it took ENJ 6 months to grow by 4.48 times.
Therefore, it grew by 0.74 times in one month, considering its 4.48 x growth in 6 months.
Growth curve of ENJ’s competitor- Rarible
Rarible is one of the prominent competitors of Enjin. Therefore, let’s also have a look at RARI’s all-time high price:
Image: RARI’s all-time curve
RARI’s all-time high price was $45.68 which it achieved in March 2021. Its price was $0.71 initially, meaning it took Rarible 7 months to reach its all-time high value. Meanwhile, it grew by 64.33 times. Therefore, it has shown 9.19 times growth in one month.
However, considering the similar time duration for RARI, as that of ENJ, RARI’s price has grown by 1.25 times in 6 months (from April 2021 to November 2021). Therefore, it grew by 0.2x, in comparison to 0.74x growth in ENJ’s price.
ENJ is a useful coin
Following are the two main use cases of ENJ:
- The coins are used to sell and purchase the in-game NFTs on Enjin Marketplace.
- ENJ tokens can be used to back the NFTs, which means that the NFT owners can anytime melt their NFTs back into ENJ coins.
Conclusion: Can Enjin Coin reach $1000?
To reach a level of $1000, ENJ requires to grow at a rate of 3448.27x keeping in mind its current price of $0.29.
Therefore, it should theoretically reach a value of $1000 in more than 388 years (keeping in mind its 0.74 times growth in one month). However, it is not the only factor to consider and it is not practical either.
One reason here is the difference in macroeconomic and liquidity factors in recent times, compared to earlier times. It means that ENJ cannot show a 0.74 times growth in one month, as opposed to the previous years.
Note that Enjin is currently outperforming its competitor, but still, it is not practical to wait for 388 years for its price to reach $1000. So, Can Enjin Coin reach $1000? Not sooner, for sure, keeping in mind the current prevailing macroeconomic and liquidity factors.
Enjin’s main use case is to create and manage NFTs by the users. In today’s time, there are already many NFT marketplaces that allow the creation, buying, and selling of NFTs, such as Opensea, Coinbase NFT etc. Moreover, it still is in its developing phase and has a huge scope for improvements in its ecosystem. Therefore, it might take even longer to reach $1000 than calculated above.
Enjin Price Prediction: Social Media Buzz and Sentiment
|Metric||Last 24 Hours||Trend|
|Net Social Media Sentiment||18||Neutral|
Enjin Price Prediction Today
|1. Market's Wisdom||Neutral|
|1a. Market Data||Partially Positive|
|1b. Technical Recommendation||Sell|
|2. Crowd's Wisdom||Partially Positive|
|2a. Social Media Buzz||Higher|
|2b. Social Media Sentiment||Neutral|
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Coins. Please consult a registered investment advisor to guide you on your financial decisions.