Enjin price USD

A Brief History on the Price of Enjin

The Enjin token has attracted a lot of interest from investors, especially those interested in the rise of the NFT ecosystem. This, and other important events in Enjin’s history, are detailed below to give you a better understanding of what drives the price of ENJ.

Key News for Enjin

The biggest influence on the value of ENJ has been the rise of NFTs. NFTs have become a global phenomenon and have gained adoption from individuals, businesses, and corporate entities all over the world.

With NFTs, content creators and other digital artists can create digital versions of their art and be rewarded adequately for their work. This has prompted a lot of artists and content creators to enter the NFT space. Enjin’s platform allows users to mint their own NFTs on the Ethereum blockchain. It also empowers users to integrate these NFTs into the gaming ecosystems or decentralised apps (dApps) of their choosing.

The rise of NFTs, coupled with the broader rally of the cryptocurrency market in 2021, contributed to the ENJ token performing excellently. The cryptocurrency market, boosted by the Coronavirus pandemic, has experienced massive growth and rapid adoption. Aside from Bitcoin and Ethereum, other cryptocurrencies have also felt the effects of the massive adoption within the market.

There are numerous reasons why a cryptocurrency’s price could rally. However, in the case of Enjin, the rise in the popularity of NFTs and the bull run of the broader cryptocurrency market over the last year helped the token perform especially strongly.

Enjin Timeline

• October 2017:

Enjin’s platform raised nearly $19 million in an initial coin offering (ICO). (ENJ price: n/a)

• 1 November 2017:

Enjin began trading on cryptocurrency exchanges. (ENJ began trading at $0.01737 per token at the time)

• June 2018:

The Enjin platform officially launched on the Ethereum network in the summer of 2018. In the same year, Enjin proposed the ERC-1155 token standard, and it was approved. The bear market was in play, and the prices of most cryptocurrencies were down by over 50% from their all-time highs. (At the time, ENJ was trading around the $0.060 region)

• 27 December 2018:

The Enjin Explorer was launched on this date, boosting the platform’s functionality. By this time, the bear market had gained momentum and ENJ’s price had dropped. (ENJ was trading at $0.0437 per token)

• 29 January 2019:

The Enjin wallet token swap continued. However, the market was yet to recover. (The ENJ token was trading at the $0.032 level)

• 31 January 2019:

Enjin partnered with Coingecko to boost its presence in the NFT market. Enjin has been involved with NFTs even before they became popular. (ENJ’s price had dropped to $0.028 by this time)

• 8 March 2019:

Tech giant Samsung had started entering the cryptocurrency space, and it partnered with Enjin. The partnership news saw ENJ’s price rise by over 100% within the space of a few days. (ENJ reached $0.16)

• 14 March 2019:

The Enjin network started its platform testnet launch. The network also conducted the testnet launch for its Enjin SDK platform. (The cryptocurrency’s price maintained its level and rose past the $0.17 mark)

• 11 April 2019:

The Enjin network began supporting the ERC-1155 token standard. The ERC-1155 token standard enables developers to create a wide range of assets, ranging from currency to real estate, digital art and gaming collectibles. (The Enjin coin was still trading around $0.16 during this period)

• 30 April 2019:

Binance Chain adopted the Enjin wallet. (ENJ’s price had dropped to the $0.15 region)

• 12 May 2019:

The decentralised application (dApp) browser was launched on the Enjin wallet. This makes it easy for users to access dApps on the platform. (The ENJ token’s price had dropped to the $0.13 region during this period)

• 17 June 2019:

ERC-1155 was officially adopted as an Ethereum token standard, marking a huge win for the Enjin network. (This didn’t impact ENJ’s price, as it had dropped to the $0.08 level)

• 30 September 2019:

The Enjin marketplace was launched, making it possible for buyers and sellers of digital collectibles to meet and exchange products and services. (ENJ price had dropped further and was trading around $0.05 per token)

• 17 February 2020:

The Enjin network launched both its mainnet platform and the Enjin SDK platform. (ENJ price had slightly recovered and was trading at $0.1343 at the time)

• 27 May 2020:

The Enjin SDK for Java was launched, although the Coronavirus pandemic was affecting the global financial markets at the time. (The ENJ token was trading at $0.08)

• 18 September 2020:

Enjin was listed on the Coinbase Custody platform, making it possible for institutional investors to buy and hold the token. (ENJ’s price had more than doubled and was trading at $0.1697)

• 19 January 2021:

The cryptocurrency market had embarked on a bull run, with the prices of most coins rallying to new all-time highs. The ENJ token was approved by the Japanese Financial Services Agency (FSA). Only a few cryptocurrencies have been approved by the FSA. (ENJ’s price rallied to $0.33 per token)

• 9 April 2021:

The ENJ token was listed on Coinbase, one of the leading crypto exchanges. It was also listed on the Coinbase Pro platform on the same day. (ENJ’s price rose to its all-time high of $3.94 per token on that day)

• May, June and July:

The cryptocurrency market entered a bearish cycle. (ENJ’s price dropped to the $1.30 level)

• August 2021:

The market began to recover. (ENJ once more surpassed $2 towards the end of the month)

Compare Enjin with Fiat Currencies, Commodities and Crypto

Enjin token is the native currency of the Enjin network. While it is not designed to serve as a currency or medium of exchange, it has gained adoption among users of the Enjin network. ENJ has increased in value over the past few years, so let’s compare its performance with some fiat currencies, commodities and other cryptocurrencies.

Compare Enjin with the US dollar

The global economy took a hit during the Coronavirus pandemic, with the values of fiat currencies also affected. Due to the pandemic, inflation levels are high in most countries, reducing the value of fiat currencies.

Compared with other fiat currencies, the US dollar has performed well in recent months. However, the profit level delivered by cryptocurrencies over the past year has been astonishing. The Enjin token has outperformed the US dollar over the past few months. As of the start of September 2021, ENJ’s price is up by over 1,500% against the US dollar year-to-date.

Compare Enjin with Gold

Gold has been one of the leading investment vehicles for centuries. However, the emergence of Bitcoin and other digital currencies created viable alternatives for investors and traders globally. Cryptocurrencies have witnessed an increase in value over the past few years that is unprecedented in the history of global financial markets.

Enjin has outperformed Gold massively over the past few months. While ENJ’s price is up by over 1,500% year-to-date, Gold’s price had actually dropped during that same period. Gold’s price is down by about 5% YTD.

Compare Enjin with Ethereum

Of the thousands of altcoins out there, Ethereum is by far the biggest. In terms of performance over the past few months, Enjin outperformed Ether. Although ETH has seen an impressive 400% in returns since the start of 2021, this doesn’t come close to ENJ’s 1,500% gains during the same period.

Enjin Future Price Predictions

The NFT and DeFi sectors are growing in popularity, and this is affecting the coins and tokens involved in this space. Investors have been keenly watching the market, and Enjin’s performance is one of those that investors are interested in.

Enjin Price Predictions for 2021

For the remainder of 2021, Enjin, similar to the rest of the cryptocurrency market, will be looking to regain the losses it incurred during the summer. The cryptocurrency market recorded massive losses between May and July, with some coins losing over 40% of their value. Enjin is trading above $2 again and could use the next four months in 2021 to regain its all-time high of around $4. The cryptocurrency market is slowly recovering its losses and could end the year positively. If the current recovery continues, ENJ could hit the $4 mark by the end of the year.

Enjin Price Predictions for 2022

It is almost impossible to determine how the market will play out over the next few months. However, Enjin could experience a fruitful 2022 if the current trend in the cryptocurrency market continues. The DeFi space continues to grow, with more users and companies entering the market.

The NFT sector has also experienced massive growth in recent months and could continue to do so. Over the past few months, we have seen leading companies such as Visa, Marvel, DC Comics and others enter the NFT space. Sporting bodies, celebrities and artists are also taking advantage of non-fungible tokens to make the most of their content.

As one of the leading NFT marketplaces, Enjin could experience further growth over the next few months, and this could positively affect the ENJ token’s performance in 2022. If the adoption of NFTs continues at the current price, then ENJ’s price could more than double in 2022. ENJ could look to trade between $4 and $15 in 2022, depending on the growth of the NFT marketplace and the Enjin marketplace adoption.

Beyond 2022 for Enjin

The cryptocurrency market has undergone a lot of twists and turns over the past few years, making it virtually impossible to determine how the market will perform over the next few years. However, the NFT and DeFi sectors have shown a lot of promise so far. Enjin has become one of the primary places for content creators to mint NFTs. This feature has caught the attention of digital artists and cryptocurrency enthusiasts.

Visa recently stated that it believes NFTs are a promising medium for fan engagement. This implies that the company could expand its presence in the NFT market, and more companies could follow suit. In the event that that happens, Enjin would be one of the leading platforms that brands and digital artists could consider for developing and issuing their NFTs. In that scenario, ENJ’s performance could soar higher over the coming years.

Furthermore, the DeFi ecosystem is also expected to record further growth over the next few years, and Enjin is also involved in this sector. Despite the promises, it is hard to accurately determine the cryptocurrency’s performance over the next few years.

An example of this was in 2017, when the cryptocurrency market rallied, with prices of various coins reaching all-time highs. However, the market was in a bearish cycle for more than two years between 2018 and the first half of 2020.

The bull run began towards the second half of 2020 and has been in play ever since. Due to the uncertainty of the broader cryptocurrency market, it is tough to determine the price performance of Enjin over the coming years. However, the cryptocurrency holds a lot of promise, and Enjin has carved a market for itself in the NFT sector.

If the cryptocurrency market and the NFT and DeFi sectors maintain their growth momentum in the long run, the ENJ token could well trade between $30 to $50 in the years following 2022. A trading price between that range will increase ENJ’s total market cap by billions of dollars to reflect the growth experienced by the platform.

For more detailed predictions, read our Enjin price prediction guide here.

Enjin Price Conclusion

Enjin as an investment token holds a lot of promise for investors in both the short- and long-term. The existing market conditions have allowed ENJ to thrive and perform excellently, and it could even soar higher as the NFT and DeFi sectors gain more prominence. In the long term, the Enjin platform could become an important NFT marketplace, allowing it to tap into the fastest-growing cryptocurrency sector. For investors, it will be interesting to see how the ENJ token develops alongside the broader NFT and DeFi sectors.