The host of the cryptocurrency channel Coin Bureau has made a long-term bullish forecast for an Ethereum-based gaming token.
The analyst said in his new video that he is closely watching Enjin Coin (ENJ), a blockchain-based gaming platform with smart contract capabilities. Guy highlighted ENJ’s wide token distribution:
“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 buy a disproportionate amount of ENJ and then sell it.”
The analyst also points to two recent developments in the project that are keeping it bullish over the long term, although there are many factors that could affect ENJ’s price potential.
“As far as the price potential of ENJ is concerned, it will depend on the amount of adoption that the Enjin ecosystem has achieved in the blockchain gaming and NFT spaces, as well as on 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. Efinity is a cross-chain network designed to facilitate pricing and exchange of NFTs. Meanwhile, JumpNet is an Ethereum scaling solution for NFTs and ENJ that allows instant, secure and free on-chain transactions.”
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 Enjin might 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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