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Ethereum Name Service rebranding sparks 10% price surge

ethereum-name-service-rebranding-sparks-10-price-surge
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Ethereum Name Service rebranding sparks 10% price surge

Ethereum Name Service (ENS) has experienced a significant surge, climbing 10% following the announcement of an upcoming rebranding.

At the time of writing, ENS is exchanging hands for $26.9, representing a 7.2% increase in the past seven days. With a circulating supply of 31.6 million ENS, the project’s market cap stands at $844 million.

Ethereum Name Service rebranding sparks 10% price surge - 1
ENS 24-hour price chart | Source: CoinMarketCap

Despite the price surge, ENS is still down by 67.8% from its all-time high of $85.69 in November 2021.

ENS, a decentralized naming system on the Ethereum blockchain, enables users to purchase human-readable names such as “jack.eth” and link them to various identifiers, including addresses, content hashes, and metadata.

Unlike traditional Domain Name Systems (DNS), ENS domains are governed by smart contracts and a Decentralized Autonomous Organization (DAO), which ensures a departure from centralized control.

ENS’s latest surge follows a June 26 X announcement of an upcoming rebranding for ENS.

The rebranding is scheduled to be unveiled at the Ethereum Community Conference (EthCC) on July 8 in Brussels, Belgium.

EthCC, the largest annual European Ethereum conference, is organized by the community for the community and will bring together leading minds in Ethereum from July 8 to July 11, 2024, to discuss the future of the ecosystem.

The surge in ENS also comes as Cryptorphic, an analyst, observed that ENS has broken above an ascending triangle pattern and is potentially gearing up for a rally of 80% to 90%.

In a separate analysis on June 28, Javon Marks noted that ENS is recovering and could see an upside of over 180%, targeting a price of $76.121.

Marks further noted that the recent pullback, coupled with key buying volume, might have strengthened the token’s position, setting it up for significant gains.