Ethereum Name Service After the announcement that a rebranding would be coming, (ENS has enjoyed a surge of 10%.
ENS was trading at $26.9 as of the writing date, representing a 7.2% gain in the previous seven days. The project has a market capitalization of $844m with a supply of 31,6 million ENS.
Despite its price increase, ENS remains down by 67.8% compared to the all-time peak of $85.69 it reached in November 2021.
ENS allows you to create human-readable name such as “jack.eth” You can link these to various identifiers such as addresses, hashes of content, metadata and more.
Unlike the traditional Domain Name System (DNS), ENS is governed by smart contract and a Decentralized Autonomous Organization. This ensures a move away from centralized controls.
ENS’s recent surge comes after X announced on 26 June that ENS would be undergoing a rebranding.
Rebranding will be revealed at the Ethereum Conference Conference (EthCC), which is taking place in Brussels on 8th July.
EthCC (the largest European Ethereum conference) is being organized for the community by leading Ethereum minds from 8 July to 11 July 2024 to discuss future developments in the Ethereum ecosystem.
The surge in ENS Cryptorphic’s analyst also noted that ENS had broken above an ascending triangular pattern, and was potentially gearing up for a rally of 80% to 90%.
Javon marks, in a different analysis published on 28 June. noted ENS has recovered and is expected to see a rise of up to 180%. A price target of $76.121 would be the next step.
Marks also noted that the recent drop in value, combined with the key volume of buying, could have boosted the tokens’ position and set it up for substantial gains.
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Source: crypto.news