Following announcing a forthcoming rebranding, Ethereum Name Service (ENS) has witnessed a notable 10% rise. At $26.9 right now, ENS is trading up 7.2% over the past seven days. Comprising 31.6 million ENS tokens, the project’s market capitalization comes out to be $844 million.
From its all-time high of $85.69, reached in November 2021, ENS stays down by 67.8% despite a recent price gain. Operating as a distributed naming system on the Ethereum blockchain, ENS allows users to purchase human-readable names, such as “jack. eth,” which can be linked to multiple IDs, including addresses, content hash, and metadata.
Unlike traditional Domain Name Systems (DNS), smart contracts and a Decentralized Autonomous Organization (DAO) control ENS domains, ensuring a departure from centralized control.
ENS has witnessed a notable increase after a June 26 statement on X (formerly Twitter) about an upcoming rebranding for the service. First displayed on July 8 in Brussels, Belgium, the rebranding will be the Ethereum Community Conference (EthCC).
Planned by the community for the community, EthCC, the largest yearly European Ethereum conference, will bring top brains in Ethereum from July 8 to July 11, 2024, to investigate the future of the ecosystem.
Ethereum Community Anticipates ENS Rebranding
The rise in ENS’s price also aligns with observations by Cryptorphic, an analyst who saw ENS breaking above an ascending triangle pattern, presumably in preparation for an 80% to 90% rally.
Targeting a price of $76.121, Javon Marks noted in a separate analysis on June 28 that ENS is recovering and could show an upside of over 180%. Marks also noted that the recent decline and considerable buying activity helped the token’s position to be ready for an appreciable rise.
The forthcoming rebranding announcement excites the Ethereum community, and ENS’s momentum suggests possible future expansion. Consequently, it now forms a major component in the evolving blockchain environment.
