Ethereum naming service rebranding triggers 10% price surge

ethereum Name Service (ENS) has seen a significant surge, rising 10% following the announcement of an upcoming rebrand.

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

Despite the price increase, ENS is still 67.8% below its all-time high of $85.69 in November 2021.

ENS, a decentralized naming system on the ethereum blockchain, allows users to purchase human-readable names like “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), ensuring a departure from centralized control.

The latest ENS increase follows a June 26 announcement about an upcoming rebrand for ENS.

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

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

The rise in ENS also comes as Cryptorphic, an analyst, noted that ENS has broken out of an ascending triangle pattern and is potentially gearing up. x.com/Cryptorphic1/status/1806601018031132995″ target=”_blank” rel=””>for an 80% to 90% rebound.

In a separate analysis from June 28, Javon Marks x.com/JavonTM1/status/1806299413767176505″ target=”_blank” rel=””>noted

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