Why is Ethereum Name Service (ENS) crypto rallying?

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Why is Ethereum Name Service (ENS) crypto rallying?

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 Why is Ethereum Name Service (ENS) crypto rallying?
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Highlights:

  • Ethereum Name Service is a distributed, open, and extendible naming system built on the Ethereum blockchain.
  • The token is available on exchanges like Binance, OKX, etc.
  • The ENS token returned gains of over 56% in the last seven days.

The Ethereum Name Service (ENS) crypto price rose over 56% in the last seven days. It was up over 20% on Monday, while its trading volume fell about 6% in the last 24 hours.

What is Ethereum Name Service (ENS) crypto and why is it gaining traction?

Ethereum Name Service is a distributed, open, and extendible naming system built on the Ethereum blockchain. It converts human-readable Ethereum addresses (e.g., XXX.eth) into machine-readable alphanumeric codes.

It can also perform reverse conversion - converting metadata and machine-readable addresses into human-readable Ethereum addresses. It aims to provide easy access to the Ethereum-based web, just like Internet's Domain Name Service (DNS) makes the internet more accessible.

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ENS also uses dot-separated hierarchical domain names like DNS. The domain owners have full control over the subdomains.

ENS also uses dot-separated hierarchical names like DNS, called domains.



ENS was a part of the Ethereum Foundation but spun off as a separate entity in 2018. The ENS token is the governance token of the platform. It also influences decisions on the pricing of “.eth” addresses and oracle. The token is available on exchanges like Binance, OKX, FTX, etc.

The token may have rallied due to the attention of NFT (non-fungible token) investors and fans.

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The craze for three and four-digit names have been growing in recent years. The rising number of people registering for ENS domains with these names on the secondary market may have bolstered its gains. Each ENS web is classified as NFT and minted or sold like any NFTs.

Besides individual users, popular brands like Puma, Budweiser, etc., have also registered their names with ENS domains.

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Ethereum Name Service (ENS) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The ENS token was priced at US$23.26 at 8:45 am ET on May 2, up 20.82%, while its volume for the trailing 24 hours fell 6.21% to US$519.33 million. It has a market cap of US$470.88 million, and its fully-diluted market cap is over US$2.32 billion.

 

The token has a maximum and total supply of 100 million, and its current circulating supply is 20.24 million. It returned 56.23% gains in the last seven days while increasing 18.93% over the past 30 days.

 

It saw the highest price of US$25.15 and the lowest price of US$13.09 in the last 30 days.

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