Ethereum Name Service price skyrockets overnight after governance token airdrop


  • Ethereum Name Service launched its governance token and airdropped it to ENS domain holders. 
  • Through the ENS token, the protocol decentralized its governance and passed it over to the community. 
  • ENS token has a market capitalization of $928 million and posted a 60% rally overnight.
  • Over 45% of ENS tokens have been claimed so far, based on data from Dune Analytics.

A massive price rally followed the airdrop of the Ethereum Name Service’s governance token. ENS token has posted double-digit gains overnight. 

Ethereum Name Service Token posts double-digit gains following the airdrop

Twitter is abuzz with Ethereum Name Service’s DAO token airdrop. Owners of ENS domains received the airdrop, and according to data from aggregator platform Dune Analytics, 11.4 million ENS tokens have been claimed. 

Over 57,000 addresses have claimed 45% of the airdropped ENS tokens. 

Ethereum Name Service (ENS) is equivalent to DNS domains. It offers a decentralized way to translate text into Ethereum addresses. Currently, ENS domains end with “.eth.” It has seven or more characters, and ENS domains can be purchased at auctions. 

ENS token is listed on Binance, FTX and Crypto.com. The token was launched to decentralize the governance of Ethereum Name Service further. 

ENS token continues to ride the wave of its airdrop, and it has posted 37% gains over the past 24 hours. An open public utility governed by its community, ENS powers a decentralized autonomous organization (DAO) to distribute its token. 

ENS has marked 25% of its new tokens for users; owners of .eth domains qualify for the airdropped tokens. 

At the time of writing, the token has a market capitalization of $928 million. ENS hit an all-time high of $67.97 earlier today. 

The listing announcement from top cryptocurrency exchanges fueled the token’s price rally. 

ENS token holders can delegate their stake to individuals if they value their judgment and governance. Coinbase, a centralized cryptocurrency exchange and a public company, is keen on participating in ENS governance as a delegate. 

@Sicarious_, a cryptocurrency analyst and trader, informed his followers on crypto Twitter that he is prepared to distribute ENS stake to other community members with a penchant for governance. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.

More Bitcoin News
Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.

More Litecoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.

More Cryptocurrencies News
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP