Coin Bureau Projects A Bullish Future For Game Token Enjin Coin (ENJ)
According to Coin Bureau the fundamentals of Ethereum-based gaming token Enjin Coin (ENJ) look very bullish.
In a recent video update, the pseudonymous analyst and show host known as Guy shared his bullish projection for Enjin Coin (ENJ), an interconnected, blockchain-based gaming platform with smart-contract capabilities.
The analyst starts with ENJ’s wide token distribution, which makes the digital asset less prone to pump-and-dump scheme, according to him.
“According to Etherscan, there are currently over 162,000 unique addresses holding ENJ. This is a significantly wider token distribution when compared to the likes of The Sandbox (SAND), which has just over 100,000 unique holders and more than double Enjin’s market cap at this point in time.
All this means is that Enjin has less of its token supply being concentrated in a limited number of wallets. This makes it potentially harder for a larger wallet to acquire a disproportionate amount of ENJ and subsequently dump it.”
Guy points out that despite a number of factors that have an impact on the price of ENJ, two recent developments have made him long-term bullish on the project.
“When it comes to the price potential of ENJ… this will depend on the amount of adoption that the Enjin ecosystem manages to acquire in blockchain gaming and NFT (non-fungible token) spheres, as well as the status of the partnerships it might establish in the future. However, despite it being very early days for blockchain gaming and NFTs, the future does indeed look pretty bright for Enjin, its JumpNet scaling solution and its Polkadot-based parachain Efinity.”
Efinity was designed by Enjin to be a cross-chain NFT blockchain that allows for ecosystem interoperability, incentives for people that engage with NFTs and a consistent user experience.
JumpNet is a high-speed Proof-of-Authority (PoA) method of consensus blockchain that offers the user secure, instant, and gasless on-chain transactions. Users can use JENJ to mint NFT on the JumpNet platform.
Lastly there is another key fundamental factor that builds up Guy’s confidence on Enjin’s future.
“Enjin still constitutes a pioneering force in the gaming and NFT domain and it’s assembled a pretty strong team of leading architects and developers over the years. This makes me think that Enjin could be here to stay for quite some time, and I will definitely keep my eyes peeled for any exciting developments coming out of the Enjinverse in the future.”
