Vitalik Buterin Blessing Boosts ENS Price: Token Soars On ‘Super Important' Label

ENS, which stands for the Ethereum Name Service, witnessed a phenomenal increase of more than 50% in the value of its governance token on Wednesday. The abrupt increase in price may be ascribed to the influential endorsement provided by Vitalik Buterin, one of the co-founders of the Ethereum blockchain.

Timeline of Ethereum-name-service

The Ethereum Name Service token is moving in the opposite direction to crypto markets today following a big endorsement by Ethereum co-founder Vitalik Buterin. As a result, ENS token prices have made double-digit gains while a sea of red surrounds it.

Unstoppable Domains, which integrated the sale of Ethereum Name Service domain names on its platform Monday, will not be marking up .eth names. The company said it will be selling them at cost, plus gas fees.

In a recent update, ENS (Ethereum Name Service) partnered with Coinbase to add human-readable cb.id domains to its platform. This partnership would allow anyone with an Ethereum wallet to mint a group of letters as an NFT to be used in place of their alphanumeric blockchain address.

Ethereum Name Service (ENS) is a domain naming service designed especially for the Ethereum network and focused on Web 3.0 projects. ENS helps assign domain names to individual users' or projects' cryptocurrency wallets.

The spike in revenue generated by Ethereum Name Service [ENS] has been a positive development for the crypto community amid the ongoing bear market. According to recent data, the number of avatars on ENS continued to grow over the past month.

Despite the bear market that struck most cryptocurrencies in Q3, ENS managed to keep generating revenue. While witnessing growth in terms of its network and daily activity, the future outlook for ENS seems positive.

After months of disappointing performances in the crypto market, ENS' surge in development activity gave investors a much-needed break. Backing the resurgence, the ENS price also followed with a 9.38% rise to trade at $18.38.

ENS price outshines the market as price shows strength rallying to a high of $20. ENS tops the crypto price as it cracks over 20% gain in less than 24 hours despite the crypto bloodbath.

Cryptocurrencies often offer opportunities for so-called ‘100-baggers' (or 100x) investments. Even more so than traditional finance markets like Wall Street. Of course, these high-performing crypto assets can underlie certain volatility, but ultimately the reward ratio often outweighs the risk.

ENS price continues its bullish structure after a reclaim of the $15 region as the price stays on track to retest major resistance.   ENS trades above key support as price reclaim 8 and 20-day EMA.