Why the Ethereum Name Service Price is Rising?

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Why is the price of Ethereum Name Service (ENS) rising? Discover the key factors driving the surge in demand and value

In a remarkable upswing, the price of Ethereum Name Service (ENS) has jumped by 40% over the past two days, now trading at $31.70.

This surge began on June 12, with ENS climbing an impressive 80% to reach a peak of $35.1, a level not seen since January 2022. Why the Ethereum Name Service Price is Rising? Let's take a look at this ENS price article.

Today, the Ethereum Name Service (ENS) price stands at $31.70, with a 24-hour trading volume of $1.02 billion and a market cap of $997.94 million, holding a market dominance of 0.04%. Over the past 24 hours, ENS has surged by 22.07%.

ENS hit its peak on November 11, 2021, trading at an all-time high of $83.40. Its lowest point was recorded on October 20, 2023, at $6.69. Since then, the lowest price ENS has seen is $6.69, while the highest since this cycle's low is $33.77.

Currently, market sentiment for ENS is bullish, with the Fear & Greed Index at 53, indicating neutrality.

With a circulating supply of 31.48 million ENS out of a maximum of 100 million, ENS has experienced a yearly supply inflation rate of 9.92%, translating to 2.84 million new ENS tokens in the past year.

Why the ENS price is rising?

The Ethereum Name Service (ENS) has seen a notable surge in its price recently, driven by investor anticipation of the forthcoming ENSv2 upgrade.

This upgrade aims to bolster scalability, affordability, and flexibility, with current efforts focused on upgrading name resolution and managing reserve resolution, as outlined in the project's updated roadmap.

While specific details regarding the timing of the ENSv2 rollout remain undisclosed, indications from the roadmap suggest a timeline spanning several months for completion.

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