The Ethereum Name Service token (ENS) has experienced a significant increase in value with the support of Ethereum (ETH) co-founder Vitalik Buterin. Unlike the broader cryptocurrency market, which is currently being characterized as a “sea of red,” ENS token prices have seen double-digit increases. Here are the details…
Support for ENS from Ethereum founder
On January 3, Ethereum co-founder Vitalik Buterin identified ENS as “super important.” Thus creating a wave of commercial activity for the token. Buterin emphasized that all layer 2 networks should run on trustless, Merkle-proof based Cross-Chain Interoperability Protocol (CCIP) resolvers. This approach will allow ENS subdomains to be registered, updated and read directly in layer 2 solutions. Describing ENS as “very important” and emphasizing the importance of affordability, Buterin emphasized that ENS is a platform that allows users to purchase domain names on the Ethereum blockchain.
These fields can then be used to facilitate the transfer and receipt of funds instead of alphanumeric wallet addresses. According to Dune Analytics, there are currently 2.1 million active ENS domains with 801,000 unique participants. Vitalik Buterin’s recent event, which reaffirmed Ethereum’s core values and returned to its “cypherpunk” roots, contributed to a 55% increase in ENS prices. Following Buterin’s comments, ENS suffered a slight decline during the recent downturn in the crypto market, dropping to $9 in recent trading on January 3. However, it quickly recovered to $14 on January 4 and maintained its gains.
What is the latest situation in ENS price?
At the time of this writing, ENS is trading at $12.89, up 49% in the last two weeks. Despite a significant decline from its all-time high of $83.40 in November 2021, ENS stands out as one of the few crypto assets in the green today. While ENS remained in the green, the broader cryptocurrency market suffered significant losses, with total market cap falling 5.2% to $1.71 trillion. Approximately 100 billion dollars left the market.
Bitcoin dropped below $42,000 before rising to $43,188 at the time of writing. Additionally, Ethereum lost 5.6% intraday to $2,236 during Thursday morning trading. Other altcoins that dropped by double digits during the day include Avalanche, Dogecoin, Polkadot, Polygon, Shiba Inu, Uniswap and Litecoin. Amid widespread market turmoil, the Ethereum Name Service token has defied all odds. Because he made money with the support of Vitalik Buterin. As the crypto landscape continues to evolve, ENS’s role in the face of market fluctuations is critical. Additionally, the coin’s flexibility underlines its importance in the broader blockchain ecosystem.
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