Ethereum Lookalike, Ethereum Name Service, Surges In Both Value And Trading Volumes

by Arjun Agarwal

Unexpectedly, a cryptocurrency bearing the name Ethereum has outperformed the original popular money in terms of weekly gains.

What Happened: Based on market data, Ethereum Name Service (ENS) nearly doubled over the course of the week, making it the market's biggest gainer during that time. On its way to the top, the coin outperformed industry titans like Dogecoin and Bitcoin. ENS token price increased by 75.79% over the last week and it is currently trading at $25.6.

Source: CoinMarketCap

The second-largest cryptocurrency in the world, Ethereum, saw its weekly gains pale in contrast, rising by 27% over the last seven days.

Another striking contrast is seen in the 24-hour trading volumes. Ethereum saw a 63% increase in trades while ENS surged 108%.

Why This Is Important: The Ethereum Name Service, a decentralized naming system that translates complicated, machine-readable names into ones that people could understand more readily, is linked to the token known as ENS. Consider it to be comparable to the function of the Domain Name Service on the internet.

However, the fact that Ethereum's spot ETFs were approved last week may have contributed to its recent success.

Even though there was an increase in positive sentiment surrounding Ether, its high cost — roughly $3,900 per token — might put off retail investors.

Alternatively, they could have opted to purchase a less expensive coin bearing the name Ethereum. On the day of the ETF approval, Ethereum Classic saw a similar surge.

Prominent cryptocurrency trader Doğu Tekinoğlu Doğu discussed his approach of purchasing ENS at the lowest price, which has been validated by the most recent surge.

"I said their time would come, I don’t like bulky coins, but these two are an exception," he said.

The trader claimed to be in position for ENS's next objective, which is $40.