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.
Also Read: NVDA to AMD: Will these 5 semiconductor stocks ride out supply crunch?
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.
Also Read: Bitgert (BRISE) crypto rally continues, returns 290% gains YTD
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.
Also Read: Swvl Holdings (SWVL) stock zooms 45% after Zeelo acquisition
Data 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.
Also Read: 5 dividend-paying mid-cap stocks to watch: WLL, ZIM, SBLK, GOGL & ARCH
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
This news is republished from another source. You can check the original article here
Be the first to comment