According to CryptoPotato, the Ethereum Name Service (ENS) native token has seen a considerable price increase in recent days, with a gain of over 20% in value within the last 24 hours. This surge is attributed to the growing anticipation for the forthcoming ENSv2 upgrade, which is expected to improve the efficiency and scalability of the naming service.
ENS, the native token of the Ethereum Naming Service, has seen significant price surges, particularly in the last 24 hours. Based on Coingecko’s chart analytics, ENS moved from a low of approximately $26, a critical resistance level since May 2022, to a peak of about $33.1, representing nearly a 30% increase. At the time of writing, ENS has slightly decreased to around $31.6, still over 21% higher than its value on Sunday.
ENS has gained over 42% in price over the past seven days, rising from a low of $22. The price surge accelerated on June 30, leading into July 1. Despite this strong performance, ENS is still trading 62% below its all-time high of over $83. Following this substantial increase, ENS is $10 million shy of achieving a market cap of $1 billion, entering the “billionaires club.”
Crypto analyst Javon Marks shared an analysis of ENS price action, highlighting the potential for the token to reach the $76.121 target following its breakout. Marks noted that ENS is creating new post-breakout highs, suggesting that a continued breakout could result in an additional 138% increase, potentially propelling the token to the $76.121 target swiftly.
ENS began showing signs of redeemability in mid-June after extended periods of up-and-down movements. However, stronger price actions have been seen since the recent announcement by the crypto naming service provider of ENSv2. According to their blog post, the new version aims to improve ENS’s affordability, flexibility, and scalability. The ENSv2 upgrade was first announced in May, leading to a substantial price performance. The developers have yet to announce the exact timing of the launch of this upgrade.