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Ethereum Name Service up by 96% this week

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Ethereum Name Service (ENS) is enjoying bullish momentum in 2024 thus far, gaining 96% over the past week, per CoinGecko data.

The surge comes after ENS experienced a massive drawdown in 2023 due to the longstanding crypto winter and regulatory uncertainties.

In June, ENS witnessed a bloodbath triggered by regulatory actions against leading exchanges, hitting a five-year low of $6.69. ENS started sliding from its all-time high of $83.40 on Nov. 11, 2021, ending with a cycle low. The bear market continued till 2023.

At the time of writing, ENS is exchanging hands for $24.8, representing a 96 % increase in the past seven days. With a circulating supply of 31 million ENS, the project’s market cap stands at $761 million.

This resurgence indicates a positive trend for ENS, emphasizing its resilience in the ever-evolving crypto landscape.

For the uninitiated, Ethereum Name Service (ENS) is a decentralized naming system on the Ethereum blockchain It allows users to acquire human-readable names like “bob.eth” and link them to identifiers such as addresses, content hashes, and metadata. Unlike traditional DNS, ENS domains are governed by smart contracts and a DAO, reflecting a departure from centralized authority.

Vitalik Buterin, the Ethereum co-founder, has emphasized the significance of layer-2 blockchains incorporating ENS domains.

His call for trustless, Merkle-proof-based CCIP resolvers aims to enable ENS subdomains to register, update, and be readable directly on layer-2 solutions. This move aligns to make ENS more affordable and underscores its importance in the evolving crypto ecosystem.

It will be recalled that the recent Spot Bitcoin ETF approval triggered a 55% price increase for ENS token last week, with Ethereum (ETH) breaking abo

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Author: Ogwu Osaemezu Emmanuel

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