Ethereum Name Services rebranding ignites a 10 surge in price
Ethereum Name Service (ENS) has seen a significant increase, rising by 10% following the announcement of an upcoming rebranding. Currently, ENS is being traded at $26.9, which marks a 7.2% increase in the last seven days. The project’s market capitalization stands at $844 million, with a circulating supply of 31.6 million ENS.
Despite the price surge, ENS is still down by 67.8% from its highest point of $85.69 in November 2021.
ENS is a decentralized naming system built on the Ethereum blockchain, allowing users to purchase easily readable names like “jack.eth” and connect them to various identifiers such as addresses, content hashes, and metadata. Unlike traditional Domain Name Systems (DNS), ENS domains are managed by smart contracts and a Decentralized Autonomous Organization (DAO), ensuring a departure from centralized control.
ENS’s recent surge follows an announcement on June 26 regarding an upcoming rebranding for the platform. The rebranding is scheduled to be revealed at the Ethereum Community Conference (EthCC) in Brussels, Belgium on July 8. EthCC, the largest annual European Ethereum conference, will take place from July 8 to July 11, 2024, and will bring together leading experts in the Ethereum ecosystem to discuss its future.
The surge in ENS’s price also coincides with Cryptorphic, an analyst, noticing that ENS has broken above an ascending triangle pattern, indicating a potential rally of 80% to 90%. In a separate analysis on June 28, Javon Marks stated that ENS is recovering and could see an increase of over 180%, reaching a price target of $76.121. Marks further mentioned that the recent pullback, combined with significant buying volume, may have strengthened the token’s position, setting it up for substantial gains.
In addition to this news, Ethereum Name Service has partnered with GoDaddy to link domain names with crypto wallets.
