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Ethereum Name Service ENS shares surged, rising 10% after the rebranding announcement.
At the time of writing, ENS is trading for $26.9, which represents a 7.2% increase in the past seven days. With a circulating supply of 31.6 million ENS, the market value of the project is $844 million.
Despite the price increase, ENS is still down 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 like “jack.eth” and associate them with 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 move away from central control.
ENS’s recent rally comes after X announced on June 26 the upcoming rebranding of ENS.
The new brand is scheduled to be unveiled at the Ethereum Community Conference (EthCC) on July 8 in Brussels, Belgium.
EthCC, Europe’s largest annual Ethereum conference, is organized by the community for the community and will bring together leading Ethereum minds from July 8 to July 11, 2024 to discuss the future of the ecosystem.
Elevation in ENS This comes as analyst Cryptorphic noted that ENS has broken out of an ascending triangle pattern and is potentially poised to To increase from 80% to 90%.
In a separate analysis on June 28, Javon Marks said: male ENS stock is expected to recover and could see a rise of over 180%, targeting a price of $76,121.
Marks also noted that the recent pullback, coupled with major buying volume, may have strengthened the token’s position, setting it up for significant gains.
