• ENS’ price has increased by over 40% in the last seven days.
• There was a possibility of decline as the ETF hype declined. 

The Ethereum Name Service [ENS] token has experienced a significant rally, skyrocketing over 40% in the last seven days, according to data from CoinMarketCap. 

The value uptick follows Ethereum’s [ETH] own impressive price hike, fueled by the recent approval of the long-awaited Bitcoin ETF.

At press time, ENS exchanged hands at $26.21. According to data from CoinMarketCap, the altcoin’s value has risen by 40.27% in the last week to earn its spot as the crypto asset with the most gains in the last seven days. 

Demand for ENS surges

Impacted by the general rally in the altcoin market this past week, ENS’ price rise has also been caused by real demand for the token, on-chain data from Santiment revealed. 

According to the data provider, ENS’ daily active address count observed on a seven-day moving average has increased by 47% in the last week.

Likewise, the daily count of new addresses created to trade the altcoin has surged by 49% during the same period.

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Author: Abiodun Oladokun

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