ENS Token Price Surges as ENSv2 Upgrade Excitement Grows
The Ethereum Name Service (ENS) native token has seen a significant surge in price recently, with a gain of over 20% in the last 24 hours. This surge is attributed to the growing excitement surrounding the upcoming ENSv2 upgrade, which aims to enhance the efficiency and scalability of the naming service.
ENS Token Price Movement
The native token of the Ethereum Naming Service, ENS, has experienced a substantial price increase in the past 24 hours. According to data from Coingecko’s chart analytics, ENS jumped from around $26 to a peak of $33.1, marking a nearly 30% increase. Although it has dipped slightly to $31.6 at the time of writing, it is still 21% higher than its value on Sunday.
- ENS has surged by over 42% in the last seven days, starting from a low of $22.
- Price surge intensified on June 30, leading into July 1.
- Despite the recent gains, ENS is still trading 62% below its all-time high of over $83.
Market Cap And Analyst Predictions
With the recent surge, ENS is close to reaching a market cap of $1 billion, edging towards the βbillionaires club.β Crypto analyst Javon Marks has shared an analysis suggesting that ENS could target $76.121, representing a potential 138% increase if the breakout continues.
“ENSβs price surges, creating new post-breakout highs on a major candle here towards the $76.121 target! As a breakout holds keeping this target remains in play, another +138% upside could be on the way for ENS, and it may come in quickly⦔ – JAVONMARKS
- Javon Marks highlighted the potential for ENS to reach $76.121.
- He noted that ENS is forming new post-breakout highs, indicating a potential for further growth.
ENSv2 Upgrade Announcement
ENS has shown signs of a price recovery since mid-June, particularly following the announcement of the ENSv2 upgrade. The upgrade, as detailed in a blog post by ENS, aims to enhance the affordability, flexibility, and scalability of the naming service.
- The announcement of ENSv2 in May has contributed to the recent price surge of ENS.
- Developers have not yet disclosed the exact launch date for the upgrade.
Sources:
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