Enzyme Finance (MLN) jumped more than 30 percent on Aug. 26 and has continued to rise, hitting a high of $172 in the past 24 hours. The crypto has gained about 400 percent in 2021. Here's Enzyme crypto's price prediction.
Bitcoin’s incredible success as an investment has inspired many crypto projects. But as cryptocurrencies have a history of boom and bust, it helps to carefully evaluate your options to identify what best suits your investment taste.
What's Enzyme Finance?
DeFi is booming as investors seek better alternatives to traditional financial products. But it’s becoming a challenge to follow all the projects. That’s where Enzyme Finance comes in, with a platform that enables investors to access multiple DeFi products through a single interface. MLN, Enzyme’s official token, facilitates transactions across various DeFi products.
Why is Enzyme going up?
Investors seem excited about Enzyme Finance's prospects after listening to an Aug. 25 interview with the project’s founder, Mona El Isa. She discussed the future of on-chain asset management and DeFi.
Enzyme's other catalysts include the rising total locked value on its platform and MLN’s expanding exchange support. Binance has started supporting the MLN token, following Coinbase and Gate.io. Broad exchange support enhances the crypto’s liquidity.
After Enzyme’s string of gains, there may be investors trying to take early profits. Therefore, the uptrend could reverse but that could be temporary—many investors will also be waiting to accumulate the dip.
How many Enzyme tokens are there, and is the supply capped?
Just under 1.8 million MLN tokens are circulating, which is almost equal to the total supply. Although Enzyme’s token supply isn’t fixed like Bitcoin's or Ripple's, the crypto has a controlled inflation rate. The amount of MLN tokens that can be produced in a year is capped at 300,000.
Is Enzyme a good investment?
If you’re seeking a cryptocurrency to buy at a bargain, Enzyme is worth a look right now. Although it has been soaring, MLN is still more than 40 percent off its all-time high of $270.
Enzyme Finance’s prospects look bright, like the outlook for DeFi products. According to Shark Tank star Kevin O'Leary, DeFi will completely change the global financial order, making financial middlemen obsolete in three to four years.
The Enzyme team is executing well. Enzyme has forged strategic partnerships that promise to set it up for long-term growth. One is its partnership with Yearn Finance, which also has an active DeFi-focused community. In addition to partnerships, Enzyme is adding more features through its Sulu upgrade, making the platform even more useful to investors.
Enzyme crypto's price prediction
Considering cryptocurrencies' volatility and Enzyme Finance’s role in the booming DeFi sector, Enzyme could double or triple in value in a year or less. Even conservative forecasts see MLN worth significantly more in the coming years.
The crypto’s gains over the past year have averaged 15 percent per month. Even at compounded monthly growth of 2 percent, Enzyme could reach $300 before 2025.