Rise in Ethereum Domain Name Registrations – Should You Buy ENS Crypto?

Ethereum Name Service decentralized domain name protocol is network-based Ethereum. In the same way that the traditional domain name system allows giving memorable addresses like The-blog.fr, ENS gives Ethereum users convenient addresses like “The-blog.eth” instead of an alphanumeric address. long and complicated for their Ethereum cryptocurrency wallets.

As with traditional domain names, some ENS buyers view names as investments, buying well-known names with the intention of reselling them later, such as Amazon.eth.

According to a tweet from @NathanHeadPhoto, the domain name amazon.eth received an anonymous offer of $1,000,000 in mid-July.

A brand new wallet has just transferred $1,000,000 in USDC and placed an offer on the domain name “amazon.eth”. Would you accept in his place? 🧐 https://t.co/Q6TklQN8Xt

According to Delphi Digital, the sale of “000.eth” last week for a record 300 Ether has sparked interest in triple-digit ENS names as traders seek to cash in “on the buzz.”

The number of new addresses registered daily with the ENS also increased, reaching more than 30,000 on July 4 and more than 20,000 on July 7, after a slack period at the end of May and beginning of June, during which only 3,000 at 5 000 people had registered every day.

ENS addresses were among the most popular and liquid assets traded on the NFT marketplace OpenSea. The fact that ENS are among the few NFTs with utility helps the growth of Ethereum Name Service.

Read also Why are Bitcoin, Ethereum and crypto-related stocks soaring today?

Is ENS crypto a good buy? ENS Price Prediction

Since mid-June, ENS/USD has shown a clear upward trend. The resistance at $10 was broken on July 18. Another resistance stands at $14. If it is broken, investors can aim for the resistance at $27.

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