The host of the popular crypto Youtube channel Coin Bureau has published a long-term bullish forecast for an Ethereum-based gaming token.
In a new video, the analyst, known by the alias Guy, is an interconnected, blockchain-based gaming and metaverse platform with smart contract capabilities. Enjin Coin (ENJ) He says he’s watching closely.
Guy underlines the wide token distribution that ENJ claims makes the crypto asset less susceptible to a crash triggered by a single entity (investment firm, whale):
“According to Etherscan, there are currently more than 162,000 unique addresses holding ENJ. It currently has over 100,000 unique addresses and more than double the market capitalization of Enjin. The Sandbox (SAND) It is a significantly wider distribution of tokens compared to
All this means that Enjin’s token supply is not concentrated in a limited number of wallets. This makes it potentially harder for a larger wallet to receive a disproportionate amount of ENJ and then dump it into the market.”
The analyst also points out that while there are many factors that could affect ENJ’s price potential, there are two new and important developments that could push the project higher in the long run:
“As far as ENJ’s price potential…it will depend on the amount of adoption the Enjin ecosystem has managed to gain in the blockchain gaming and NFT (non-fungible token) spaces, as well as the status of future partnerships it may form. However, even though blockchain games and NFTs are in their very early stages, with Efinity, the platform’s JumpNet scaling solution and Polkadot-based parachain, the future really looks bright for Enjin.
Efinity is a cross-chain network designed to facilitate pricing and exchange of NFTs. JumpNet, on the other hand, is an Ethereum scaling solution that allows instant, secure and free on-chain transactions for NFTs and ENJ.
Guy also adds that another key factor is causing him to trust the potential of Enjin Coin:
“Enjin remains a leading force in gaming and NFT, and the platform has brought together a strong team of leading architects and developers over the years. This leads me to believe that Enjin can stay in the industry for a long time. I will definitely be keeping an eye on exciting developments from Enjinverse in the future as well.”
At the time of writing, Enjin Coin is trading slightly lower at $1.81.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.