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Ethereum Name Service investors must know this about ENS before going long 

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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.

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Here’s AMBCrypto’s Price Prediction for Ethereum Name Service [ENS]  for 2022-2023

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Looking at the data

According to data provided by Messari, a leading crypto analytics firm, the revenue generated by ENS remained high. One of the reasons for the same was the revenue generated by 5+ character names. The revenue generated by 5+ character names grew by 8% in Q3.  Furthermore, the number of registrations and activity also increased.

Source: Messari

The ENS token was also observed to be performing well in terms of daily active addresses on its network. As can be observed from the image below, the daily active addresses on the ENS network grew since the past two weeks.

Its network growth also witnessed growth. A spike in network growth implied that the amount of new addresses that transferred ENS for the first time had increased significantly.

Source: Santiment

However, it wasn’t all sunshine and rainbows for ENS. For instance, its volume declined massively over the past few weeks. Since 14 October ENS’ volume depreciated from 264 million to 58 million at the time of writing. Furthermore, its velocity also witnessed a decline in the past few days. This indicated that the frequency at which ENS was being exchanged had reduced.

Source: Santiment

Not a bed of roses for ENS

Over the past few months, interest from large investors in the ENS token had declined, as can be observed from the image below, The supply held by top addresses had declined which could implicate a negative outlook for ENS’s future.

Source: Santiment

Despite ENS’ volatile conditions, it managed to have collaborations to improve its presence in the Web3 space. In a recent update, ENS announced that it would be partnering with UTUtrust. This partnership would enable users to suggest ENS domain names for resources in the UTU protocol.

 

At the time of writing ENS was trading at $17.30 and it had appreciated by 1.81% over the past seven days. However,  in the past 24 hours, its volume depreciated by 46% and its market cap declined by 5.59% according to CoinMarketCap. At press time ENS had captured 0.05% of the total crypto market. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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