Ethereum Name Service price prediction: How high can ENS go?
ENS, the coin behind Ethereum Name Service, has made an impact in its short time trading
- About ENS
- From the Ethereum Name Service whitepaper
- Ethereum Name Service price history
- Ethereum Name Service crypto price prediction
- Some final thoughts
The Ethereum Name Service (ENS) aims to make crypto wallet addresses much easier to remember, and it uses its native token to at least partially achieve that.
While it is only just over six months old at the time of writing, it has generated a lot of interest. But what is the Ethereum Name Service price prediction?
Ethereum Name Service is a system that allows people to translate their long and complex crypto wallet addresses into something that is easier to remember, much as the internet’s domain name service (DNS) turns web addresses from a string of seemingly random numbers into a set of words.
The system has been going for a few years and was even funded by Ethereum itself. But while the Ethereum Name Service is based on the Ethereum blockchain, it doesn’t only use Ether. You can send and receive pretty much any kind of cryptocurrency with the system’s wallets, although the service’s annual fees are payable in Ether. The system’s own token, ENS, is only used for governance purposes at present.
It is only recently, though, that ENS has been available on the open market, which makes an Ethereum Name Service price prediction tricky, because there is less data to go on, meaning less of a percentage time frame to transfer forward.
This means that an ENS price prediction may end up being far too optimistic or far too cautious. As ever with these sorts of things, we won’t know which it is until it happens.
From the Ethereum Name Service whitepaper
According to the ENS technical documentation, the naming system was developed to “map human-readable names like alice.eth to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes and metadata”.
The whitepaper goes on to say: “ENS also supports ‘reverse resolution’, making it possible to associate metadata such as canonical names or interface descriptions with Ethereum addresses.
“ENS has similar goals to DNS, the internet’s Domain Name Service, but has significantly different architecture due to the capabilities and constraints provided by the Ethereum blockchain.”
Ethereum Name Service price history
Even though past performance is never any indication of future results, especially when there is relatively little to go on, if we are trying to estimate the coin’s future worth then the Ethereum Name Service price history is still worth looking at, to see how ENS has responded to various market activities over the past few months.
The Ethereum Name Service coin has been trading openly since the end of 2021. When it came out on 9 November that year, it was worth $33.66 and, even though it fell to an intraday low of $22.92, it rebounded to close the day at $43.66.
Something that shows the inherent volatility of the cryptocurrency market, if not of the ENS token itself, was that the token soon hit an all-time high. On 10 November 2021, just a day after it started trading and fell to a new low, it hit an intraday high of $84.78. To put that into context, it had grown almost fourfold in the course of around 24 hours.
Part of this was due to some pleasant news the coin’s early adopters received that day, when Ethereum Name Service airdropped crypto into their wallets, based on how much they held on 31 October.
This meant some people who had owned wallet domain names through the service benefited by not inconsiderable amounts, which generated substantial interest in the token. The next day saw it reach newer heights, with the intraday tally of $85.69 serving as its present all-time high.
The rest of the month saw some pullback, which is not uncommon in new cryptocurrencies, but would have made making an Ethereum Name Service price prediction tough: it spent the next few weeks bouncing between the $30s and the $50s.
This changed when it was hit by a bull run that saw the coin move from an intraday low of $46.01 on 24 November 2021 to an intraday high of $83.54 on 27 November, a rise of more than 80%.
While the price spent a bit of time hovering around $80, it then dropped and spent much of early December trading in the $50s, before slipping again to stand at around $48 on the afternoon of 9 December 2021. At that time, it had a market cap of around $965m, making it the 219th largest cryptocurrency by that particular metric.
The prolonged bear market had a detrimental effect on the coin. By 7 January 2022, the coin stopped trading above its launch price and continued to fall. On 16 February 2022, the coin hit an intraday high of $18.54, but it was back down from there, with the nadir coming on 24 February, when market worries surrounding Russia’s invasion of Ukraine sent it down further to $12.01.
There was some recovery following that and, despite an attempt to remove ENS director Brantly Millegan over historic tweets which were, his opponents suggested, homophobic, racist, sexist and antisemitic, ENS was trading at about $15.35 on the afternoon of 17 March 2022.
In late March and early April, the coin went on a bull run, culminating with an intraday high of $21.19 on 3 April. Things went downhill after that, and on 11 April, following the announcement of China’s crypto ban, it reached a low of $13.55. Since then, though, there has been some recovery and, on 28 April 2022, it was worth around $18.92.
Part of this was down to an upturn in trades for the rights to certain domain names. After that, though, it ended up being caught in the feedback following the depegging of UST and the collapse of LUNA, which caused cryptos across the board to slump, and on 12 May, it fell to an all-time low of $7.41. Since then, there has been some recovery and, on 14 June 2022, it was worth about $10.25. The downward trend was not over, though and on 14 June 2022 it was worth about $8.30.
At that time, there were 20.24 million ENS in circulation out of a total supply of 100 million. This gave it a market cap of around $165m, making it the 135th largest cryptocurrency by that metric.
Ethereum Name Service crypto price prediction
So, what is the ENS coin price prediction? Remember that many crypto forecasts, at least in the longer term, turn out to be wrong. Crypto predictions are also often made via algorithms, which are not representative of all market conditions.
First, WalletInvestor has an ENS price prediction that says it will fall significantly, to reach $0.423 in June 2023.
Secondly, PricePrediction.net gives an Ethereum Name Service price prediction for 2022 which sees it reach an average of $13.49 this year, $19.61 a year after that and $28.22 in 2024. In 2025, the coin could hit $39.82, the site says, before it reaches $59.56 in 2026, with ENS reaching $86.53 in 2027. The site’s Ethereum Name Service price prediction sees it break $100 to $124.29 in 2028 before it closes the decade at $180.88.
The site is one of the few to offer an Ethereum Name Service price prediction for 2030, when it says the coin should be worth $247.95 before it trades at an average of $356.78 the following year.
DigitalCoinPrice has an ENS price prediction that is, in the longer term at least, rather more conservative. The site says that the token could reach around $10.90 in 2022, before hitting $12.28 the following year before falling back down to $11.67 in 2024. There will be a recovery, though, because the site’s Ethereum Name Service price prediction for 2025 is $15.90.
There will be a dip to $15.01 the following year before it bounces back to $20.19 in 2027. There will then be another lengthy bull run, the site says, with the token being worth about $38.40 in 2030 and $42.76 in 2031.
Some final thoughts
It is worth remembering that, at this stage, ENS is a relatively new cryptocurrency, and there have been many cryptos that started off in a very promising fashion before their price sank into obscurity or, worse, the crypto died. While the coin’s performance has been pretty encouraging, let’s not forget that prices can fall just as quickly as they can rise, as we have seen recently in the case of LUNA.
In addition, just because the Ethereum Name Service is a fairly new system with a lot of potential doesn’t mean it will succeed. It is entirely possible that another similar product could come along and beat ENS at its own game, much as Ethereum superseded NXT in terms of proof-of-stake blockchains.
Potentially. You will have to decide whether the considerable drop from its relatively recent record price – and the uncertainty as to whether it can escape the trap set by its even more recent all-time low – serves as a note that there is potential for growth, or if it is a warning sign.
Either way, do your own research and remember that cryptocurrencies are highly volatile and prices can go down as well as up. Never invest more money than you can afford to lose.
It might do. We do need to note that it is a relatively new crypto, and it could just as easily wither away as explode.
Regardless, you will need to do your own research, remember prices can go down as well as up, and never invest more money than you can afford to lose.
This is a matter for you, and you alone, to decide. Before you do, you will need to research the system and its token, while keeping in mind the highly volatile nature of crypto. Do not invest more money than you can afford to lose.