April 17, 2024

Ethereum Name Service (ENS) Gained More Than 60% after Binance Listing

Ethereum Name Service (ENS) is another alternative coin grabbing market participants’ attention. The project gained popularity in the previous week, forcing renowned exchanges to consider it. Binance, one among the giants in the centralized exchange’s space, joined the ENS hype and listed the crypto on Wednesday. The announcement declared the token listing under the ENS/BNB, ENS/BTC, ENS/USD, and ENS/BUSD trading pairs.

ENS spot market saw a massive boost of more than 60% in price after the Binance token listing. Keep in mind that the exchange has been listing assets that gained people’s attention and met customers’ demands in most cases. The Ethereum Name Service network, which issues NFTs that double as web domains and ETH addresses, attained a high following as individuals look for investment opportunities on alternative coins.

The project awarded early adopters on Tuesday with an airdrop as the network offered a governance token. That triggered the ENS market rally and reportedly accounted for immediate 5-figure returns for most holders. Meanwhile, market players that registered several ENS addresses to many wallets converted their airdrops into 6-figure.

Ethereum Name Service airdropped nearly 25 million coins. With the market hype, the token exchanged hands near $85 at this writing. The circulating market capitalization was more than $500 million as the claims process started on November 8. Market participants may claim their allotted assets until May 4, 2022.

Moreover, investors will receive the coins after calculating the duration an address held the domain and the domain registration length. Its cut-off is eight years. The team stated that lower-level users received 200 ENS while more active users received 1,000 ENS. Thus, the lowest airdrop valued $17,000 even with the massive price movements.

Since Binance listed Ethereum Name Service (ENS), market players can trade the alt against Tether, Binance USD, Binance Coin, and Bitcoin. If you want to interact with lesser-known cryptos, you can check what this alt has. However, digital coins involve high risks. Be cautious when in this space. Moreover, Binance has no responsibilities for your trading decisions.

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