ENJ/USD is one of several ways to express the value of ENJ against USD. ENJ is the trading symbol for Enjin Coin, a cryptocurrency that powers the Enjin Network and wider Enjin ecosystem. Other ways of expressing the ENJ to USD pair include ENJ USD and ENJ-USD. Broadly speaking, Enjin facilitates a network of blockchain-based gaming products. Users can create games, websites, characters, and sell virtual items, and so on. The token that powers the network, ENJ, is used to create and mint the in-game items on the platform. ENJ is seen as a ‘store of value’ for these items, ensuring their validity, liquidity, and scarcity. Enjin is not a typical decentralized blockchain project. Rather, it is a traditional company with roots in the gaming industry. However, it has bold ambitions to grow its Enjin ecosystem and the ENJ token in one of the most fertile areas for growth in cryptocurrency assets – gaming. Since launching in June 2018, ENJ has become a popular cryptoasset amongst many traders. You can invest and trade ENJ-USD here on eToroX, using our state-of-the-art crypto trading tools, and enjoy low fees and generous liquidity to get the most out of your ENJ coin to USD trades.
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Enjin was founded in 2009 by Maxim Blagov and Witek Radomski, with the former becoming the company’s CEO and the latter CTO. Initially, Enjin was a traditional gaming platform, albeit one that focused on community elements. The founders soon became interested in blockchain technology and Bitcoin, and Enjin was an early adopter of BTC as a payment option. However, once the Ethereum network began to take shape, Blagov and Radomski agreed to create their own blockchain software on the Ethereum network. Later, this became the Enjin Network, a blockchain gaming platform and community with over 20 million users, all of whom use ENJ to mint and trade assets on the network. But Enjin went further than its own platform, as it soon became an ecosystem to develop projects on different blockchains. Enjin’s ethos is all about the mass adoption of crypto assets, and it is continually looking at ways to make that easier for users.
Because of its links to the world of gaming, comparisons are made between ENJ and other gaming-related cryptoassets like MANA (Decentraland). However, such an assumption arguably does a disservice to the scope and utility of ENJ. Yes, the Enjin Network has looked to cash in on the huge interest in the minting and trading of digital collectibles (both in terms of NFTs and more traditional tradeable gaming items), but Enjin has a broader appeal than that. The Enjin ecosystem is open to all types of businesses that wish to create, monetize and trade digital assets. This has helped generate interest in – and led to the adoption of – the ENJ token. ENJ had its ICO in 2017, and it was seen as a successful one: with 400 million (40% of max supply) of ENJ sold for around $12 million. Roughly 85% of those tokens are now in circulation, but, as mentioned earlier, the number shrinks due to the Enjin burning mechanism. ENJ hit an all-time high on 21 November 2021, when ENJ-USD was trading at close to the $5 mark. As with most cryptocurrencies, ENJ came off those highs significantly in the first quarter of 2022. However, many investors are still bullish on the Enjin project and the future of ENJ, given its broad utility in multiple sectors, and the strength and growth prospects of the gaming industry.
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