These are some cryptocurrencies I am considering:
I'd like to expand on each one if it's ok with you, but first lets talk about this one:
Enjin Coin (ENJ)
Enjin Coin (ENJ) is an Ethereum token that aims to “make it easy for individuals, businesses, and brands to use non-fungible tokens (NFTs).” ENJ is used to directly back the value of NFTs minted within the Enjin ecosystem.
I started to slowly read up on this crypto and did find it interesting. I really like the fact that Enjin Coin is the product of Enjin and that Enjin is a blockchain-based game and app developer. Just the mere fact that this coin could facilitate transactions between players within online and in-app gaming is HUGE in my opinion.
The world of online gaming has an enormous participation rate/volume. Moreover, while some can argue that the vast majority of participants are also children, we know very well that the easiest way into the pockets of a set of parents (2 parents at that) is by way of a nagging, crying or overachieving child that simply wants game tokens or exchangeable currency to use in their gaming experiencing. Putting aside the fact that adults also love to spend on online and in-app gaming, I think this holds a world of potential. What I haven't researched as of yet is what gaming platforms and/or companies have they paired with or have working contracts with. For instance, if ENJIN coin had a working relationship with EPIC games (the developers of Fortnite), then it's a no-brainer for me.
In terms of a basic analysis, here's what I found:
ENJIN coin currently has a circulating supply of: 834,313,757 (That's huge, as it's relatively scarce compared to other cryptos, which increases the likelihood that the inherent value per coin can mature to be high). Circulating supply in the double digit values (ie millions, the likes of Bitcoin) would be great, but triple digit values in the millions certainly beats numbers in the billions. Also, just as an added note, I am familiar with the fact that the calculations below might be a little skewed as the actual MAX total circulating supply that ENJ can have is in reality 1,000,000,000 (still not far from that 834 million we will be working with).
If we compared (ie peg) the circulating supply of ENJ (834,313,757) to that of Bitcoin's (18,679,875), it's conceivable to see that for ENJ to be as valuable as BTC, it's market cap would have to increase to the tune of 45x. Thus, ENJ's future market cap in order to achieve BTC levels would have to become: $120,204,741,285. A market cap in the billions (as aforementioned) is very reasonable to obtain, given that ETH for instance already has a market cap of $248,467,152,508 (which is more than double).
Now, if we wanted to go crazy and assume ENJ reaching values of BTC in terms of actual price as related to current market cap, it's also feasible. When comparing market cap to market cap, ENJ price can grow up to 420x and land a price of $1,356 per coin (which is pretty awesome considering it's current price) if obtaining a similar market cap of $1 Trillion +.
Again, maybe not the kind of crazy $60K+ returns that Bitcoin offers today, but if you take a small position, say $1,000, if/when the actual price reaches over $1.3K as I mentioned previously, you could be looking at around half a million USD in profits during a long hold.
The other thing I am not even trying to calculate into this broad equation is that if and when the actual crypto space market cap increases and we no longer dabble with just slightly over $2 Trillion of available money invested into BTC and all other coins, then the script can be flipped and most predictions would be off.
Let me know your thoughts and cross-analysis. I haven't bothered to perform an actual technical analysis on ENJ, but on face value and research alone, it does seem attractive.
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