Is Enjin Coin (ENJ) A Good Investment?

tl;drEnjin Coin is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin's flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. Enjin allows game developers to tokenize in-game items on the Ethereum blockchain. Enjin Coin's price today is $1.60 with a 24-hour trading volume of $86,439,944. ENJ price is down -4.5% in the last 24 hours. It has a circulating supply of 930 Million ENJ coins and a total supply of 1 Billion. At the time of writing this post (Oct 18, 2021), ENJ's Return On Investment (ROI) over the past year was 1,018%.
Is Enjin Coin (ENJ) A Good Investment?
Is Enjin Coin (ENJ) A Good Investment?
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Introduction

Enjin Coin is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin's flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. Enjin allows game developers to tokenize in-game items on the Ethereum blockchain. It uses Enjin Coin, an ERC-20 token, to back the digital assets issued using its platform, meaning that items can be bought, sold, and traded with real-world value. Enjin Coin was first announced in July 2017, and it launched on the Ethereum mainnet in June 2018.

How Does Enjin Work?

Enjin Coin is an ERC20 token built on the Ethereum network, which means that the project provides not only transactions but smart contracts as well. Enjin is also one of the first projects that started testing the Raiden Network, Ethereum’s version of the Lightning Network before ultimately deciding to work on a custom scaling solution, dubbed Efinity.

The Enjin platform provides an extensive list of features through its public API and software development kits (SDKs). These features include:

  • Virtual goods creation and management: the main feature that the Enjin project offers its users is the ability to create and manage virtual goods. Developers can launch their own cryptocurrencies backed by the Enjin Coin, which makes adding cryptocurrencies to the gaming world and gamification itself much more straightforward.

Developers that mint with the Enjin platform have to use Enjin Coin too. The required amount of ENJ tokens is removed from their wallets and locked inside the assets they create, effectively eliminating the tokens from the market and creating scarcity as well as providing a clear use case for the token.

  • Multiple SDKs: Enjin provides software development kits for Unity, Java, Godot, and more. This provides millions of developers an easy way to integrate their existing projects, or completely new ones.
  • Marketplace: an online marketplace with over 10 million digital items that allows users to discover, buy, and sell rare and unique blockchain assets.
  • Enjin Beam: a digital asset distribution system, allowing developers to send thousands of NFTs/FTs to users with a simple QR code scan.
  • Smart wallet: Blockchain assets wallet that seamlessly links with games and apps. With over 1 million downloads, it’s one of the most feature-packed digital wallets in the world.
  • Efinity: An upcoming Ethereum scaling product will enable fast and free transactions of both ERC-20 and ERC-1155 tokens.

Financial Analysis:

Enjin Coin's price today is $1.60 with a 24-hour trading volume of $86,439,944. ENJ price is down -4.5% in the last 24 hours. It has a circulating supply of 930 Million ENJ coins and a total supply of 1 Billion. At the time of writing this post (Oct 18, 2021), ENJ's Return On Investment (ROI) over the past year was 1,018%, underperformed in 'Entertainment, Non-Fungible Tokens (NFT), Gaming' categories which had 1810% growth over the past year. It's underperformed in the crypto market which had 13418% growth over the past year.

Projects with public Github account have more transparency and reliability. Regularly, investing in projects with multiple contributors and commits is considered a safer and better investment (this means they are busy working and building the project). According to its Github account, there are Eight Contributors to the development of ENJ.

Another critical factor in the success of any project is gaining public attention. Our data shows that ENJ's Twitter account saw a growth of 60% over the last months in the number of followers, which is considerable. Also, the number of ENJ Reddit subscribers increased by 17%. However, the Telegram channel users had an 80% growth over the last months.

Over the last five months, ENJ's Market Capitalization rank followed an overall declining trend, starting at the rank of 76-72 on July-Aug 2021, reaching 89 in Oct 2021. However, by the time of writing this post, ENJ's market cap rank is about 85, and its value is $1,232,682,219 Billion. Moreover, its liquidity score is 58% above the market's average score, making it relatively easier to sell in bear markets.

You are saying that Enjin Coin (ENJ) is the best cryptocurrency to invest in?

We are here to help you make smarter financial decisions by freeing up your intelligence through making it easy to compare thousands of coins. We do all the hard work for you and help you remove emotions from your decisions. However, making an investment decision requires considering your own financial situation and comparing your investment options.

To see our reports and easily compare the available investment options, check out our website.

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