South Korea’s largest crypto exchange, Upbit, officially listed Ethereum Name Service (ENS), causing a 7.7% price surge.
ENS’s inclusion on Upbit expands its reach and credibility globally, marking a significant milestone for the Ethereum-based domain service.
Upbit’s endorsement signals strong confidence in ENS, likely attracting more liquidity and institutional interest.
Ethereum Name Service (ENS) saw a notable 7.7% increase in value following the Upbit listing. This surge highlights growing investor interest and confidence in ENS. Upbit’s decision to list ENS marks a significant milestone for the Ethereum-based domain service.
This listing on one of Asia’s largest exchanges broadens ENS’s accessibility and boosts its credibility with global investors. The price of ENS began to rise immediately after the announcement was made on Monday. By Tuesday, ENS had recorded a 7.7% increase, closing at a higher price point than before.
NEWS: $ENS is up by 7.7% after @Official_Upbit_ announces official listing.Track $ENS price https://t.co/vQhKJ3A15M pic.twitter.com/veML6GRfWN
— CoinGecko (@coingecko) July 9, 2024
This upward trend follows a broader pattern seen in the crypto market. Major exchange listings often lead to price surges due to increased exposure and trading volume.
Upbit’s endorsement of ENS is particularly noteworthy given the exchange’s influence in the Asian market. Upbit’s inclusion of ENS signals strong institutional confidence in the project. This move is expected to drive more liquidity and trading activity.
ENS operates on the Ethereum blockchain and provides a decentralized alternative to traditional domain name services. The project has garnered significant attention and adoption within the crypto community, and its listing on Upbit is likely to accelerate its growth trajectory.
Market analysts have been closely monitoring the impact of this listing. Many believe that the increased exposure on Upbit could lead to sustained price growth for ENS.
Additionally, the listing may attract institutional investors who are looking for promising blockchain projects with practical applications. Meanwhile, the Ethereum Name Service token is trading at $27.5 having gained by 10.5% in the past 24 hours.
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