HomeEthereumEthereum Name Service (ENS) Surges 20% in One Day - Here's Why

Ethereum Name Service (ENS) Surges 20% in One Day – Here’s Why

ENS Token Surges in Value

The Ethereum Name Service (ENS) native token has been making headlines recently as it experiences significant price surges, with gains of over 20% in the last 24 hours. This surge in value is attributed to the growing excitement surrounding the upcoming ENSv2 upgrade, which promises to enhance the efficiency and scalability of the naming service.

According to data from Coingecko, the ENS token has seen a remarkable increase in value, moving from a low of around $26 to a peak of $33.1 within a day, representing a nearly 30% increase. Despite a slight decrease to $31.6 at the time of writing, the token is still over 21% higher than its value just a day ago.

Over the past week, ENS has gained over 42% in price, starting from a low of $22. The price surge accelerated on June 30 and continued into July 1. While the token is still trading 62% below its all-time high of over $83, it is now just $10 million away from reaching a market cap of $1 billion.

Crypto analyst Javon Marks has shared an analysis predicting that ENS could reach a target of $76.121 following its breakout. Marks highlighted the token’s potential for further growth, noting that ENS is creating new post-breakout highs and could see an additional 138% increase if the breakout continues.

The recent surge in ENS’s price is also attributed to the anticipation surrounding the ENSv2 upgrade, which aims to improve the token’s affordability, flexibility, and scalability. The upgrade was first announced in May, leading to a positive price performance. While the exact launch date of ENSv2 is yet to be announced, developers are working on enhancing the naming service to meet the growing demands of the market.

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