GoDaddy partnership propels ENS to the forefront as the leading beneficiary
The Ethereum Name Service’s (ENS) native token has experienced significant growth after partnering with GoDaddy, a popular domain name registrar. ENS has seen a 19.3% increase in the past 24 hours and is currently trading at $21.6. This surge in price has pushed the asset’s market cap above $660 million, making it the 93rd largest cryptocurrency. ENS has also seen a substantial increase in daily trading volume, reaching $200 million, with nearly 30% of the volume coming from Binance. Additionally, the total open interest in ENS has risen by $16.9 million in the past day, reaching $60.05 million. On the other hand, the asset’s funding rates have decreased from 0.009% to 0.007%, suggesting that some investors are betting against the price surge. Whale activity has also seen a significant increase, with the number of transactions involving at least $100,000 worth of ENS tokens rising from one per day to 11 in the past 24 hours. This surge in whale activity often leads to higher price volatility. The Relative Strength Index (RSI) for ENS has also increased from 49 to 62, indicating that the asset may be overbought and due for a price cooldown. To maintain a bullish trend, the RSI would need to stay below the 50 mark.
