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.
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:
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.
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.
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