Altcoins, Cryptocurrency, Ethereum (ETH), News, Price Analysis

Assessing Ethereum Name Service (ENS) Following 66% Slump from May’s Registration

Cryptocurrency service providers began evaluating the performance of several platforms as June ended. Ethereum Name Services (ENS) is among the leading protocol with disappointing figures within the past 30 days.

The domain name provider saw 122,000 new ETH registration during June. Moreover, its network revenues witnessed a 65% decline in May – June. In May, ENS noted fees totaling 3,900 ETH to complete transactions on the platform. Nevertheless, this plummeted to 2,500 ETH in June.

Furthermore, the domain name provider confirmed 25,000 new Ether accounts held about one Ethereum Name Service name. That reflected a 128% drop from May’s 57,000. Meanwhile, how did the native ENS react over the past month as the platform recorded general plunges?

Everything Down

According to Santiment’s data, the ENS token witnessed a 29% drop in June. The alternative token opened the month at around $11.8. Nevertheless, the asset saw gradual plummets as the month continued, trading near $8.35 at this publication.

The phase under review also saw ENS’s market cap slumping. While publishing this content, the metric hovered at $169.22, suggesting a 41% slump within the past 30 days.

Moreover, Coinmarketcap data shows ENS recorded a 0.29% drop over the past 24 hours. The selling momentum remained high at this publication, with the RSI (Relative Strength Index) maintaining a downside curve near 40.30.

It Isn’t about Prices Now

The number of addresses interacting with the ENS coin saw a steady plunge within the previous 30 days. Daily active addresses launch declines after hitting the 505 high on June 13, hovering around 121 at this publication.

Also, the ENS supply by whales recorded a 4% drop within the past 30 days. The figure stayed at 44 during this publication. Meanwhile, the aggregate ENS token amount transacted within the previous month hit the 1.66 million high on June 21.

The metric has dropped 59% since then. While publishing this content, this index hovered at 668,000. Surprisingly, the 7-day average reveals a positive value of 61.3K by exchange flow balance. Thus, a bullish price retracement is imminent.

Stay tuned for upcoming developments.

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