According to data from Coingecko, ethereum’s native token Name Service (ENS) has seen significant price increases in recent days, gaining more than 20% in value over the past 24 hours.
These gains are driven by growing excitement around the upcoming ENSv2 upgrade, which aims to improve the efficiency and scalability of the naming service.
ENS token makes a lot of money
ENS, the native token of the ethereum Name Service, has seen significant price increases, especially in the past 24 hours. According to Coingecko's chart ethereum-name-service” data-wpel-link=”external” target=”_blank”>analyticsENS rose from a low of around $26, a critical resistance level since May 2022, to a peak of around $33.1, representing an increase of almost 30%. At the time of writing, ENS has declined slightly to around $31.6, still more than 21% higher than its value on Sunday.
Chart analysis shows that ENS has gained over 42% in price over the past seven days, from a low of $22. The price increase accelerated on June 30 and continued through July 1. Despite this strong performance, ENS is still trading 62% below its all-time high of over $83.
Following this substantial increase, ENS is now $10 million short of a $1 billion market cap, which would allow it to enter the “billionaires club.”
On Monday, July 1, cryptocurrency analyst Javon Marks shared an analysis of ENS’ price action on x, highlighting the potential for the token to reach the $76,121 target following its breakout. Marks noted that ENS is creating new post-breakout highs, suggesting that a continued breakout could result in a further 138% increase, which could propel the token to the $76,121 target quickly.
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twitter.com/search?q=%24ENS&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$ENS
If a breakout holds and this target remains in play, another +138% surge could be on the way for ENS, and it could come quickly… https://t.co/wtnuNL4STs image.twitter.com/l2lKFZjBtc
— JAVONMARKS (@JavonTM1) twitter.com/JavonTM1/status/1807577544683622433?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>July 1, 2024
Javon has been actively monitoring ENS prices and has noticed a significant breakout of the 726-day resistance trend. A few days later, the analyst x.com/JavonTM1/status/1806299413767176505″ data-wpel-link=”external” target=”_blank”>tweeted“ENS (ethereum Name Service) continues to rally here and a further 180% increase to the target of $76,121 can still be set.”
ENS prepares for ENSv2 upgrade
ENS started showing signs of redensification in mid-June after long periods of up and down movements. However, more solid price actions have been seen since the recent announcement from the ENSv2 cryptocurrency naming service provider.
For its blog entryThe new version aims to improve the affordability, flexibility and scalability of ENS.
The ENSv2 upgrade was first announced back in May, bringing a substantial price improvement. As of now, the developers have yet to announce the exact timing of the release of this update.
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