The hype around Facebook’s rebranding as Meta has made metaverse coins and games the crypto market the hottest trend of 2021. The Sandbox (SAND) and Decentraland (MANA) are the volume giants of the market. According to a popular Youtube analyst, Enjin (ENJ) could be the next star. As Kriptokoin.com, we convey the analyst’s shares…
Enjin (ENJ) catches up with metaverse coin leaders
Analyst “Guy” of popular Youtube channel Coin Bureau shares his long-term bullish forecast for an Ethereum-based metaverse game. In the new video, the analyst says he is keeping a close eye on Enjin Coin (ENJ), an interconnected, blockchain-based gaming platform with smart contract capabilities. Guy highlights the broad token distribution that ENJ says makes it less susceptible to a crash triggered by a single entity:
According to Etherscan, there are currently more than 162,000 unique addresses holding ENJ. This is a significantly wider distribution of tokens compared to The Sandbox (SAND), which has over 100,000 unique holders and currently more than double the market capitalization of Enjin. All this means that Enjin’s token supply is concentrated in a limited number of wallets. This makes it potentially harder for a larger wallet to take a disproportionate amount of ENJ and then empty it.
The analyst also points to two recent developments that will boost the project in the long run, although there are many factors that could affect ENJ’s price potential:
The potentials of the ENJ price will depend on the amount of adoption that the Enjin ecosystem has achieved in the blockchain gaming and NFT spaces, as well as the status of partnerships it may form. However, although these are very early days for blockchain games and NFTs, the future really looks bright for Enjin, the JumpNet scaling solution, and the Polkadot-based parachain Efinity.
Guy also adds that he trusts the potential of Enjin Coin due to another fundamental factor:
Enjin is still a leading force in the gaming and NFT space and has built a strong team of leading architects and developers over the years. This makes me think that Enjin may be here for a long time and I will definitely keep my eyes peeled for exciting developments from Enjinverse in the future.
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