Ethereum Name Service gains momentum—$100k in sight?
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Ethereum Name Service (ENS) surges 8% to hit a two-week high amid altcoin buzz. Analysts see ENS as one of top Ethereum beta plays. If bulls rally, a breakout to $50 could allow a potential retest of $100 amid ETH spike. Ethereum Name Service (ENS) price has jumped more than 35% this past month and was up 8% in 24 hours on Thursday as some altcoins stole the shine off Bitcoin. By reaching the current price levels, ENS is seeing its market cap hover near $903 million, while the 24-hour trading volume is up 157% to over $192 million. Per Coinglass, Ethereum Name Service derivatives data analysis shows volume has spiked more than 120% to over $306 million. Meanwhile, Open Interest in the token is up 30%, with open positions worth of $114 million signalling market interest. What is Ethereum Name Service? The Ethereum Name Service (ENS) is an open-source, decentralized naming protocol built on the Ethereum blockchain. It transforms user-friendly Ethereum addresses, such as jane.eth, into the complex, machine-readable codes recognized by wallets like Metamask. Additionally, ENS supports reverse mapping, allowing metadata and machine-readable addresses to be linked with these human-friendly Ethereum names. ENS aims to simplify interaction with the Ethereum ecosystem, making it more intuitive and accessible for users, much like the Internet’s Domain Name System (DNS) enhances web usability. Similar to DNS, ENS employs a hierarchical structure of dot-separated domains, where domain owners have full authority over their respective subdomains. Analysts are pointing to ENS as one of the top Ethereum (ETH)-beta plays today. With ETH expected to rally in coming months, tokens like EigenLayer (EIGEN), Arbitrum (ARB), Lido DAO (LDO) and Ethereum Name Service (ENS) could be poised for gains too. Can ENS price reclaim $100$ With interest in ENS rising amid adoption that includes further…
Filed under: News - @ May 29, 2025 2:24 pm