, though not the most sophisticated of data tools, provided a rough insight into the global internet users’ interest level in ENS domain and .eth names.Interestingly, primary ENS name registrations saw a spike in the last month. A primary ENS name is a unique, human-readable name that is used to identify and locate a specific Ethereum address.
According to Dune Analytics, primary ENS name registrations hit a two-month record of 17,027 in the last 30 days, yet this marks a 45% decrease from the peak of 31,000 primary names registered in May 2022.As for revenue made from name registrations on the platform so far this month, the protocol saw a 49% jump in revenue for .eth name renewals but logged an 11% decline in revenue for new name registrations.On a year-to-date basis, ENS’s price has grown by 46%.
revealed that the ENS’ supply on exchanges has grown steadily since the year began. At press time, 8.13 million ENS tokens sat within cryptocurrency exchanges.As its price grew, ENS’s MVRV ratio rallied alongside. At press time, the altcoin’s MVRV ratio was 74%. This meant that the asset’s current market value was 74% higher than its realized value.
As a result, if all holders sell their tokens at the current price, they will receive an average return of 2x their initial investment. However, ENS was overvalued at that level and might be due for a price correction. Generally, experts consider an MVRV ratio above 20% for altcoins to be high-risk. Therefore, they advise waiting for the MVRV to fall below 10% before making a purchase for better risk management.Subscribe to get it daily in your inbox.
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