Ethereum Name Service (ENS) Price Skyrockets Following ETH Co-Founder's Endorsement

Explore the dramatic rise in Ethereum Name Service (ENS) token prices following Ethereum co-founder Vitalik Buterin's impactful statement.

Understand the importance of ENS in simplifying cryptocurrency transactions and its influence on the growing Web3 domain trend.

Vitalik Buterin's Post Leads to Surge in ENS Price

The price of the Ethereum Name Service's governance token, "ENS," surged by over 70% on January 3, 2024, following a post by Ethereum co-founder Vitalik Buterin, in which he stated that "ENS is very important."

Ethereum Name Service (ENS) is a naming service that allows Ethereum wallet addresses to be assigned arbitrary domain names, replacing long alphanumeric addresses like "0x0000..." with simple strings such as "myname.eth."

Traditional complex wallet addresses have been difficult to remember and verify, leading to misdirected transactions. With ENS, acquiring a domain name enables sending cryptocurrencies using easily memorable strings.

In his recent post, Buterin suggested that "all Layer 2 should work on developing CCIP-compatible domain names for direct registration, update, and read of ENS subdomains at Layer 2." He also emphasized that "ENS is very important and needs to be affordable."

ENS Token Price Reaches Around $15

After dropping to around $8 as of 12 PM on January 3, 2024, the price of the ENS token soared to approximately $14.8 around 1 AM on January 4, 2024, just minutes after Buterin's post. At the time of writing this article, the price stands at $12.8.

The cryptocurrency industry is witnessing an increase in services providing Web3 domain names like Ethereum Name Service, with major corporations like PUMA acquiring and using Web3 domains.

The demand for such Web3 domains is expected to rise in 2024.

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