Ethereum
Ethereum Name Service rebranding leads to 10% price hike
Ethereum Name Service (ENS) saw a significant increase, climbing 10% following the announcement of an upcoming rebranding.
At the time of writing, ENS is trading at $26.9, representing an increase of 7.2% over the past seven days. With a circulating supply of 31.6 million ENS, the market capitalization of the project stands at $844 million.
ENS 24-Hour Price Chart | Source: CoinMarketCap
Despite the price surge, ENS is still down 67.8% from its all-time high of $85.69 in November 2021.
ENS, a decentralized naming system on the Ethereum blockchain, allows users to purchase human-readable names such as “jack.eth” and link them to various identifiers, including addresses, content hashes, and metadata.
Unlike traditional domain name systems (DNS), ENS domains are governed by smart contracts and a decentralized autonomous organization (DAO), which ensures a departure from centralized control.
The latest increase in ENS follows X’s June 26 announcement of an upcoming rebranding for ENS.
The rebranding is expected to be unveiled at the Ethereum Community Conference (EthCC) on July 8 in Brussels, Belgium.
It’s that time of year again! 🎉
ETHCC is fast approaching and ENS is organizing another event. This year we will be offering attendees a special preview of our NEW brand. 👀
Register for the ENS event below!👇https://t.co/tI89kfiViD
– ens.eth (@ensdomains) June 26, 2024
EthCC, Europe’s largest annual Ethereum conference, is organized by the community for the community and will bring together the best minds in Ethereum from July 8-11, 2024, to discuss the future of the ecosystem.
The rise of the ENS Also comes as Cryptorphic, an analyst, observed that the ENS has broken out of an ascending triangle pattern and is potentially preparing for for a rally of 80% to 90%.
In a separate analysis on June 28, Javon Marks note that ENS is recovering and could see an upside of over 180%, targeting a price of $76.121.
Marks also noted that the recent pullback, coupled with key buying volume, may have strengthened the token’s position, setting it up for significant gains.