Ethereum Name Service (ENS) is unusually defying gravity as its price went on a parabolic surge at a time when most altcoins are struggling to find their balance. At the time of writing, the token has soared as high as 25% to $22.25 in 24 hours. In reality, the ENS metrics have lit up, with market capitalization soaring to $684,026,220 and trading volume jumping by 306% to $272,321,897.
ENS mega deal with GoDaddy
Ethereum Name Service sprung up from the dead, riding on the announcement of its deal with website hosting service provider GoDaddy. The linkup between the two is based on advancing the accessibility of the Web3.0 ecosystem.
Per the terms of the partnership, crypto users with an ENS domain name can now connect them to website pages. The service will come at a $0 cost to users. The deal has many unique undertones, considering the duo of ENS and GoDaddy are in court battling an eth.link domain issue.
The linkup is evidence that the mainstream tech world is now making a pivot back into the blockchain ecosystem. With ENS serving as one of the major conduits in this pursuit, the token has recorded a mega boom as investors reassess its future in a positive light.
How high can ENS soar?
Despite its impressive traction in the domain name sphere, ENS is typically not one of the major tokens that features among the list of top performers, but this current boost can help return it to its past glory. With its price now pegged at $22.25, it is setting the pace to soar as high as $30 in the mid- to long term.
Though the last time ENS recorded this price level was in early August 2022, the currently fundamental bullish twist might help pull this unprecedented price run moving forward.