The Enjin Network is a blockchain-based gaming platform where builders can develop websites, games, and non-fungible tokens (NFTs). Its native token, Enjin Coin, is an ERC-20 token. The key use today is that it holds fusion property, allowing users to destroy their digital assets to collect ENJ value from within.
The Enjin Network is a popular bet for those looking to gain exposure on GameFi, but the market sell-off is hurting holders. As the macroeconomic environment tightens with rising interest rates and the reduction of quantitative easing, speculative bets on altcoins have fallen into disuse. Enjin Coin will need to see a change in market sentiment, as well as continue to build its platform in an attempt to get back to its previous highs. The following article will discuss whether the time is right to buy Enjin Coin (ENJ).
Is it a good time to buy Enjin parts?
During stock market crashes, crypto goes on sale. While cheaper prices may produce higher returns in the next bull market, there is also the risk of trying to catch a falling knife. In other words, buying the dip, while it continues to decline, can be a painful experience for investors. Discipline and patience are encouraged in these market conditions.
Besides the risk of further difficulties in the market, Enjin Coin risks being erased from existence. The platform has approximately 20 million users; however, previous market cycles have brought altcoins to zero. Enjin Coin has not created enough moats to be entirely safe from death in this bear market.
How long will the crypto bear market last?
The crypto market is still in a bear market with Ethereum at around $1,100 and Bitcoin near $20,000. These declines have taken them below the all-time highs of the last cycle, leaving digital assets at prices that many experts once thought would never be seen again.
While this decline is worrisome to many, others see it as an opportunity. After all, money is often made in the bear market and made in the bull market. That said, it is impossible to say how long this bear market will last or how long cryptocurrencies may fall. Legendary investor Kevin O’Leary opined on the crash in an interview with Market Insider: “I’m not selling anything. In the long run, you just have to put up with it. You must understand that you will get volatility and some projects will not work.
It’s important to stay balanced in times of high uncertainty, falling prices shouldn’t change your initial investment thesis. If you think blockchain technology is the future, then these prices have started to look very attractive.
It is also important not to overstretch your investments. It is often recommended to allocate a portion of your portfolio to cash. With fiat at your fingertips, you have a world of investment options at your fingertips and can take advantage of price drops. In addition, by keeping cash, you will be able to cover your current expenses without having to sell part of your portfolio at lower prices. Using Dollar Averaging, you can choose a fixed amount of money to automatically buy every week, two weeks, or every month. This process eliminates certain risks.
While Bitcoin is falling, altcoins are feeling the brunt of this bear market, losing more value on average than either Bitcoin or Ethereum. This sentiment is true for Enjin Coin, which is down around 92% from all-time highs.
Will Enjin Coin ever reach all-time highs?
With Enjin Coin down around 92% from all-time highs, it is hard to see it returning to those near-term highs. Trading today at just under $0.50, market sentiment should come full circle for ENJ back to $4.85 and beyond.
Enjin Coin remained in the top 100 coins by market capitalization. If Enjin Coin is able to stay relevant and provide a reliable blockchain-based gaming platform, it is possible to see it return to all-time highs in the next bull market. Until then, it is difficult to see a future where the ENJ token gains momentum.
Is Enjin Coin (ENJ) a good long-term investment?
The Enjin coin is an anti-inflationary token for the Enjin network. Its anti-inflationary property comes from its capped supply, as well as the merge property that locks ENJ into digital assets minted through the Enjin network. The token has strong utility and a narrative of how GameFi will grow in the next bull run. If true, Enjin Coin is well positioned to take advantage of this.
How to Buy an Enjin Coin (ENJ)
Coinbase is one of the largest cryptocurrency trading platforms on the internet. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally easy to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Although Coinbase doesn’t offer the most affordable prices or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single transaction.
- New Cryptocurrency Traders
- Cryptocurrency Traders Interested in Major Pairs
- Cryptocurrency traders interested in a simple platform
- Simple platform is easy to use
- Full mobile app mirrors desktop functionality
- Coinbase Earn feature rewards you with crypto to learn more about available coins
- Higher fees than competitors
Crypto.com strives to make cryptocurrency a part of everyday life by offering a full suite of services to crypto users. The company offers a Crypto.com App, Exchange, Visa Card, DeFi Exchange, DeFi Wallet, DeFi Earn, Crypto.com Price, Staking, Crypto Lending and many other services. However, what really sets them apart is the combination of extremely low fees and incredibly generous rewards programs for their users.
- Traders who want access to a secure, low-cost cryptocurrency exchange
- Passive investors who want to earn interest on their balance without frequent trading
- Mobile investors who prefer to manage all their crypto needs through their phone or tablet
- Low fees
- High security
- A one-stop-shop for all your crypto needs (wallet, trading, spending, etc.)
- Many ways to earn interest, rewards and cashback
- Low confidentiality
- Customer service response time could be improved
If you are based in the United States, a popular way to trade Enjin Coin is through the Coinbase Global Inc. (NASDAQ: COIN) exchange or Crypto.com exchange. If you are skeptical of centralized exchanges, you can access a decentralized exchange (DEX) such as Uniswap. Since ENJ is an ERC-20 token, it is easily tradeable through Ethereum, a non-custodial wallet and a reliable DEX.
How to Store Enjin Coin Safely
securely through the Ledger Hardware Wallet website
Launched in 2014, Ledger has evolved into a rapidly growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for businesses and individuals. Born in Paris, the company has since grown to over 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims to secure the disruptive new class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates with a secure chip for its line of wallets. So far, Ledger is proud to be the only market player to provide this technology.
- ERC-20 tokens
- All experience levels
- Easy to install and use
- Supports over 1,500 different digital assets
- Long battery life
- Bluetooth Connectivity Features
Some people will choose to stick with centralized exchanges. If this feature is important to you, read the fine print and understand who owns your assets and what the assets do. It is also recommended that you do your due diligence on the company and make sure that the exchange is reliable.
If you choose the DEX route to buy Enjin Coin, have a secure storage plan. While software wallets can help you log in to decentralized apps, hardware wallets are better for secure storage. The wallets do not access the Internet, which protects users against phishing attacks and scams.
The best hardware wallet brand in the world, Ledger, offers three excellent models: the Nano X, the Nano S and the Nano S Plus. These wallets protect your assets and provide a relatively simple user experience. They support over 1,000 different cryptos on many different blockchains.
How does Enjin Coin fit into the big picture?
Enjin Coin fits into the bigger picture if GameFi takes off and the Enjin network is able to carve out a place for itself in the space. Although there have been a good number of users on the platform, market downturns tend to scare users off. Enjin Coin should focus on surviving the bear market and building the next bull market. The Enjin Network will have to compete with a number of other major channels on GameFi, including Gala, Solana, and Avalanche. These niche GameFi chains also risk Ethereum gobbling up smaller chains as it continues to develop and integrate Layer 2 solutions.
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So, is it a good time to buy Enjin (ENJ) coins?
If you strongly believe in the future of GameFi as well as the Enjin Network, Enjin Coin might be a good buy for you right now. However, caution is advised when entering this volatile market. Practices such as dollar cost averaging can help hedge risk and keep unwanted emotions away from your trades.
Frequently Asked Questions
Is it a good time to buy Enjin Coin?
Is it a good time to buy Enjin Coin?
Enjin Coin is under heavy selling pressure due to the current crypto bear market. If you like its cheap price and standing in the GameFi industry, this might be a good long-term catch.
Can Enjin Coin reach new all-time highs?
Can Enjin Coin reach new all-time highs?
The macro environment will need to make a 180 degree turn for Enjin Coin to reach new all-time highs.