ENS Bucks Market Trend Amid Domain Registration Deceleration – Here’s “How”

Ethereum name service [ENS] recorded over 20% gains in the last seven days, moving away from the trend seen by most cryptocurrencies. Trading at $14.29 on October 3, the 98th-ranked cryptocurrency reached $17.63 on October 7.

Despite slight decreases, ENS still registered a price increase in the last 24 hours with a rise of 2.86%. According CoinMarketCapENS was trading at $17.46 at press time.

However, it wasn’t all green in the ENS ecosystem, as its volume had shrunk by 17.98% in the same time frame. Although the rise may have come as a surprise, some on-chain events may have contributed to the price rise.

Meet AMBCrypto Price prediction for ENS for 2023-2024

Hikes, hikes, and hikes possible

An evaluation of the on-chain event revealed that ENS development activity is increasing incredibly. Based on Saniment According to the data, ENS development activity, which initially dipped to 3,146 on Oct. 2, had been rising nonstop all week.

At the time of this writing, development activity was 6.86%. Thus, it seems that the ENS has doubled its commitment to the growth of its ecosystem.

Source: Santiment

Interestingly, its recent updates may have proven that the increase in development activity was no fluke. In a recent tweet, the ENS team noted that users can now pre-register domains and own them through the Apple iOS Wallet. Therefore, it could help to integrate more domain registrations and unique users.

The struggles still abound

When verifying domain registration data, Dune analysis revealed that the total number of names created was 2.86 million. These stats showed that the ENS had slowed down since hitting 2 million milestones in August. The deceleration was so obvious that even the ENS had reported a figure of 2.60 million on the last day of September.

At the time of this writing, the ENS had 578,856 participants. Of the 2.86 million registered names, 412,785 were main names, not subdomains. Interestingly, these numbers meant that the ownership dynamic had slowed considerably.

For October, Dune showed that there were 80,223 domains registered among 7,490 addresses. At the current pace, ENS may not be able to meet September numbers unless domain accumulation accelerates.

Source: Dune Analysis

On the four-hour chart, it was likely that the ENS would not hold the current greens for long. According to the Moving Average Convergence Divergence (MACD), the sellers (orange) were starting to take 0.36 above the sellers strength (blue) at 0.31. With the exponential moving average from 12 to 26 at -0.06, ENS might succumb to the demands of the bears.

Source: Trading View

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