The Ethereum Name Service (ENS) has witnessed a remarkable 10% uptick in value, sparked by the buzz of an imminent rebranding initiative. Currently, ENS is trading at **$26.9**, marking a 7.2% rise over the last week. The circulating supply of ENS tokens is 31.6 million, placing the market capitalization at **$844 million**.
ENS’s 24-hour trading graph, courtesy of CoinMarketCap, shows a notable increase, yet the token’s value is still 67.8% lower than its peak of **$85.69** reached in November 2021.
ENS operates as a decentralized naming protocol on the Ethereum blockchain, offering users the ability to acquire easy-to-remember names like “jack.eth.” These names can be linked to a variety of identifiers, such as wallet addresses, content hashes, and metadata.
Setting itself apart from conventional Domain Name Systems (DNS), ENS domains are managed through smart contracts and a Decentralized Autonomous Organization (DAO), ensuring autonomy from centralized oversight.
In related news, the Ethereum Name Service has surged by 96% this week alone.
The recent momentum for ENS is aligned with a June 26 announcement about a forthcoming rebranding. This new branding is set to be revealed at the Ethereum Community Conference (EthCC) on July 8 in Brussels, Belgium.
EthCC, recognized as the premier annual European Ethereum event, is a community-driven conference that will convene Ethereum’s brightest from July 8 to July 11, 2024, to deliberate on the ecosystem’s trajectory.
Additionally, the ENS price jump coincides with Cryptorphic’s analysis, which highlighted ENS’s breakout from an ascending triangle pattern, hinting at a possible 80% to 90% rally.
On June 28, analyst Javon Marks pointed out ENS’s recovery, suggesting a potential surge of over 180%, with a target price of **$76.121**. Marks emphasized that the recent market correction, along with significant buying activity, may have solidified ENS’s position for substantial future gains.
Discover more about the partnership between Ethereum Name Service and GoDaddy, which aims to integrate domain names with cryptocurrency wallets.