Ethereum Name Service Outshines Ethereum With Over 80% Weekly Gain

Ethereum Name Service (ENS), a token associated with the Ethereum blockchain naming system, has surged over 80% in the past week, significantly outperforming Ethereum (ETH) itself.

ENS: A Token on the Rise

ENS price has skyrocketed in the last seven days, eclipsing gains from established players like Bitcoin and Dogecoin. This surge comes alongside a 170% increase in 24-hour trading volume for ENS, compared to a 72% rise for ETH.

Possible Reasons for the Surge

The recent approval of Ethereum ETFs could be a contributing factor. With ETH’s price hovering around $3,900, some investors might find ENS, a more affordable altcoin with “Ethereum” in its name, attractive.

Prominent crypto trader Doğu Tekinoğlu Doğu expressed his belief in ENS’ potential, targeting a price of $40.

Whales Shift Focus to Altcoins

A strategic investor who profited handsomely from the Ethereum ETF news has reportedly diversified their portfolio into various altcoins within the Ethereum ecosystem, including ENS. This whale’s actions, along with increased buying activity from other large investors, suggest a growing interest in altcoins tied to Ethereum.

Ethereum Ecosystem Sees Broader Activity

Following the whale’s lead, other investors are accumulating tokens like Lido (LDO), Uniswap (UNI), and AAVE, alongside ENS. This trend indicates a potential shift in investor sentiment towards these altcoins. Ethereum token sales did experience a 16% surge within 24 hours of the ETF news, highlighting heightened interest.

ENS Deposits by Former ENS Director

Former ENS Operations Director Brantly Millegan recently deposited a significant amount of ENS tokens (around $2 million) to Coinbase, potentially capitalizing on the price increase. Despite these deposits, Millegan still holds a substantial amount of ENS, indicating his continued faith in the token.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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