Ethereum Name Service ($ENS) has emerged as the top gainer this past week, according to CoinMarketCap, boasting an impressive 16% increase in price.
This surge has outpaced other notable gainers such as $UNI, $TON, and $LDO.
The primary driver behind this price rally is a significant uptick in Ethereum Name Service NFT sales. Over the past week, ENS NFTs have recorded a trading volume exceeding $5 million, propelling $ENS to become the third most sold NFT collection on the Ethereum network.
Half Of $ENS Holders Are Currently In Profit Despite General Market Conditions
Data from @IntoTheBlock reveals that 50% of $ENS holders are currently in profit, highlighting the token’s strong performance. Furthermore, large holders, or whales, play a significant role in the $ENS ecosystem, with addresses holding more than 1% of the circulating supply constituting 87% of all holders. Additionally, a substantial portion of the $ENS community exhibits long-term commitment, with 81% of addresses having held $ENS for over a year.
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The increased demand for ENS NFTs and the solid profitability metrics indicate growing confidence in the Ethereum Name Service platform. As more users and investors recognize the value of decentralized domain services, $ENS continues to capture market interest and drive positive sentiment.
This week’s surge not only highlights the robustness of the $ENS token but also underscores the expanding utility and adoption of Ethereum Name Service within the broader crypto and NFT ecosystems.
As the market evolves, the sustained interest in $ENS could pave the way for further growth and stability, reinforcing its position as a key player in the decentralized web space.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.