Ethereum Name Service (ENS) surged 30% in the last 24 hours, reaching $32.61, a price not seen since January 2022. This increase comes as the market anticipates the ENSv2 upgrade, aimed at improving scalability and affordability.
Despite this surge, ENS is still down 62% from its all-time high of $85.69 in November 2021. ENS has seen a daily trading volume increase of 64%, now at $264 million, and has surged over 250% in a year, outperforming Ethereum and Bitcoin.
ENS is a decentralized naming system on the Ethereum blockchain, allowing human-readable names like “jenny.eth” to link with various identifiers. Unlike traditional DNS, ENS is managed by smart contracts and a DAO, ensuring decentralized control.
Investors are keen on the ENSv2 upgrade, which will enhance name resolution and management. Market analysts predict ENS could reach $76.12 or even $120 if the current momentum continues.
The potential approval of a spot Ethereum ETF by the SEC and the recent rebound in Bitcoin and Ethereum prices have also contributed to ENS’s surge. The ENSv2 upgrade could solidify ENS’s strategic importance in the crypto ecosystem.
