Unlike traditional Domain Name Systems (DNS), ENS uses smart contracts and is governed by a decentralized autonomous organization (DAO), providing decentralized control.
Ethereum Name Service (ENS) has seen a notable 10% surge in its price following the announcement of an upcoming rebranding. Currently, ENS is trading at $26.9, showing a 7.2% increase over the past week. With a circulating supply of 31.6 million ENS, the market capitalization of the project stands at $844 million.
The price rise came after a June 26 announcement on X (formerly known as Twitter) regarding the rebranding, which will be officially unveiled at the Ethereum Community Conference (EthCC) on July 8 in Brussels, Belgium. EthCC is the largest annual Ethereum conference in Europe, scheduled from July 8 to July 11, 2024. This event will gather leading figures in the Ethereum community to discuss advancements and the future of the ecosystem.
It’s that time of the year again! 🎉
ETHCC is around the corner and ENS is hosting another event. This year we’ll be giving attendees a special look at our NEW brand. 👀
Sign up for the ENS event below!👇https://t.co/tI89kfiViD
— ens.eth (@ensdomains) June 26, 2024
ENS Simplifies Transactions
ENS is a decentralized naming system operating on the Ethereum blockchain. It allows users to register human-readable names like “jack.eth” that can be linked to various identifiers, such as wallet addresses, content hashes, and metadata. Unlike traditional Domain Name Systems (DNS), ENS uses smart contracts and is governed by a decentralized autonomous organization (DAO), providing decentralized control.
For instance, to receive Ethereum (ETH) payments, one usually shares a wallet address, which is a long string of 42 characters. ENS simplifies this by allowing users to share a straightforward, memorable name instead. This greatly reduces the chances of errors and makes transactions more user-friendly.
Analyst Cryptorphic noted that ENS has recently broken above an ascending triangle pattern, indicating a possible rally of 80% to 90%. Despite this recent surge, ENS remains 67.8% below its all-time high of $85.69, reached in November 2021.
In another analysis on June 28, Javon Marks highlighted that ENS is on a recovery path and could see an increase of over 180%, targeting a price of $76.121. Marks emphasized that the recent price pullback, along with significant buying volume, likely strengthened the token’s position, paving the way for substantial gains.
$ENS (Ethereum Name Service) continues to recover here and can still be set for an over 180% upside to the target at $76.121!
Holding a breakout and coming from key Buying Volume, this recent pullback may have only strengthened prices for this near 3X to this target level… https://t.co/iQdJw475m6 pic.twitter.com/JiviZT2YY7
— JAVON⚡️MARKS (@JavonTM1) June 27, 2024
Overall, the rebranding and strong technical indicators suggest that ENS could be set for further growth, attracting more attention and investment from the cryptocurrency community.