ENS, the coin behind Ethereum Name Service, has made an impact in its short time of trading
- About ENS
- Ethereum Name Service price history
- Ethereum Name Service crypto price prediction
- Some final thoughts
The Ethereum Name Service aims to make crypto wallet addresses much easier to remember, and it uses its native token to at least partially achieve that. While it is relatively new at the time of writing, it has generated a lot of interest. But what is the Ethereum Name Service coin price prediction?
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Ethereum Name Service is a system which allows people to translate their long and complex crypto wallet addresses into something a bit more manageable and easy to remember, much as the internet’s domain name service (DNS) turns internet protocol addresses from a string of seemingly random numbers into an easy-to-remember set of words and letters.
The system has been going for a few years and was even funded by Ethereum itself. But while the Ethereum Name Service is based on the Ethereum blockchain, it does not only use Ethereum. You can send and receive pretty much any kind of cryptocurrency with the system’s wallets, although the service’s annual fees are payable in ether. The system’s own token, ENS, is used for governance purposes at present.
It is only recently, though, that ENS has been available on the open market, which makes an Ethereum Name Service price prediction tricky, because there is less data to go on, meaning less of a percentage time frame to transfer forward. This might mean that an ENS price prediction may end up being far too optimistic, or it could be far too cautious. As ever with these sorts of things, we will not know which one it will be until it happens.
Ethereum Name Service price history
Even though past performance is never any indication of future results, especially when there is relatively little to go on, if we are trying to put an Ethereum Name Service price history together, it is still worth noting, to see how ENS has responded to various market activities over the past month or so.
The ethereum name service coin has been trading openly for a month as of the time of writing. When it came out on 9 November 2021, it was worth $33.36 and, even though it fell to an intraday low of $22.92, which still stands as an all-time low, it rebounded to close the day at $43.66.
Something that shows the inherent volatility of the cryptocurrency market, if not of the ENS token itself, was that the token soon hit its all-time high. On 10 November, just a day after it started trading and fell to its all time low, it hit an intraday high of $84. To put that in context, it had grown almost fourfold in the course of around 24 hours.
Part of this was due to some pleasant news the coin’s early adopters received that day, when Ethereum Name Service airdropped crypto into their wallets, based on how much they had held on 31 October. This meant some people who had owned wallet domain names through the service benefited by not inconsiderable amounts, and generated substantial interest in the token. The next day saw it reach a newer height, with the intraday tally of $85.69 serving as its present all-time high.
The rest of the month saw some pullback, not uncommon in new cryptocurrencies, and something which would have made making an Ethereum Name Service price prediction tough, and it spent the next few weeks bouncing between the $30s and the $50s. This changed when it was hit by a bull run which saw the coin move from an intraday low of $46.01 on 24 November to an intraday high of $83.54 on 27 November, a rise of more than 80%.
While the price spent a bit of time hovering around $80, it then dropped and spent much of early December trading in the $50s, before slipping again to stand at around $48 on the afternoon of 9 December. As of that time, it had a market cap of around $965m, making it the the 219th largest cryptocurrency by that particular metric.
Ethereum Name Service crypto price prediction
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So, what is the Ethereum Name Service price prediction? Remember, many crypto forecasts, at least in the longer term, are very often wrong. Crypto predictions are also often made via an algorithm, which means that they can change at any time.
First, WalletInvestor has an Ethereum Name Service price prediction for 2022 that says it will reach $172.04 in a year’s time, before hitting somewhere in the region of $658.11 in 2026.
Another site, nftgamef.com, has an ENS price prediction of an average of $76.83 in 2022, $116.05 a year after that and $165.36 12 months after. In 2025, the coin should hit $235.61, the site says. It is one of the very few to offer an Ethereum Name Service price prediction for 2030, which it says should be around $1,617.
DigitalCoinPrice has an ENS price prediction which is a little less bullish, but still positive. The site says that the token should reach around $85.21 in 2022, before making an Ethereum Name Service price prediction in 2025 of $148.24. The site then says that in 2030 the token should be worth about $211.03.
Finally, nftgamef.comtal has a comparatively short forecast for the coin. The furthest date the site holds a prediction for is 8 June 2022, when it says the token should be trading at somewhere in the region of $43. It is also worth noting that that forecast is down significantly from the previous day’s forecast of around $173.13, but up substantially from the 2 June prediction of about $1.45.
Some final thoughts
It is worth remembering that, at this stage, ENS is a relatively new cryptocurrency and there have been many cryptos which started off in a very promising fashion before their price sank into obscurity or, worse, the crypto died. In addition, just because the Ethereum Name Service is a fairly new system with a lot of potential, it is entirely possible that another similar product could come along and supersede it, much like Ethereum superseded NXT in terms of Proof of Stake blockchains.
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