Ethereum Name Service (ENS) has seen a remarkable price rally over the past week, surging by 114% from $20 to over $40.
This sharp increase has attracted the attention of institutions, some of which have started to sell portions of their holdings to capitalize on the gains.
Blockchain Capital, a notable institutional investor, transferred 52,800 ENS tokens worth $2.25 million to Bybit just two hours ago. The firm had previously accumulated a total of 645,800 ENS at an average price of $16 between 2022 and 2023, making this their first recorded sale.
Similarly, another prominent ENS holder, which received 180,000 ENS from the ENS Cold Wallet in April 2024, transferred 50,000 ENS tokens valued at $2.13 million to Binance three hours ago. These movements highlight growing institutional activity amidst the token’s rapid price appreciation.
The recent price surge underscores renewed interest in ENS, a decentralized domain service that plays a critical role in simplifying Ethereum wallet addresses and Web3 identity management. As its utility continues to grow, retail and institutional investors alike have been actively participating in the market.
The decision by these institutions to offload some of their holdings reflects a strategic move to lock in profits during this bullish run. However, their partial sales suggest continued confidence in ENS’s long-term potential, as they retain significant portions of their holdings.
With increased trading activity and high demand, ENS has cemented itself as a key player in the Web3 ecosystem. Investors will be closely watching whether this momentum can sustain or if further profit-taking could temper the token’s upward trajectory.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: solarseven/123RF // Image Effects by Colorcinch
With the future crypto market positioning itself well for another massive run, information on the…
Can Shiba Inu (SHIB) eschew the odds and migrate toward the $0.0002 token? Under bearish…
With the dawn of the new year and the festivities behind, it's back to business.…
Dogecoin (DOGE) and BONK continue to dominate the meme coin space, driven by their iconic…
Web3Bay Raises Over $460,000 in Stage 3—Is It Outperforming Solana & Litecoin? As blockchain technology…
Hollywood Talent Behind BlockDAG’s Keynote 3: Rumor or Reality? Plus, BNB Price Prediction & ETH…