- Why Is ENS Coin Rising?
- ENS Projects and Technologies
- What to Expect in the Near Future?
With the latest announcement, the ENS Coin price surged by 5.21% in a single 5-minute candle, reaching up to $17.7. This rise is related to PayPal’s opening of ENS addresses to all crypto users.
Why Is ENS Coin Rising?
At the time of writing, the ongoing rise is related to PayPal and Venmo integration with ENS wallet addresses. According to the press release by ENS Labs, this feature, initially supported for US customers, will eliminate the hassle of wallet addresses. ENS services are akin to entering a website using a domain address rather than an IP address.
ENS Projects and Technologies
Numbers are complicated and hard to remember. However, domain addresses are much more memorable. Based on this, the Ethereum Name Service was initiated, allowing the creation of wallet addresses in the style of username.eth. Thus, when users transfer ETH or ETH tokens to someone, they can use the recipient’s ENS name instead of a string of numbers and letters.
What to Expect in the Near Future?
We saw a 5% increase in ENS Coin price with the announcement. In the coming hours, if BTC does not experience significant drops, ENS Coin could remain strong.
Thus, the integration of PayPal and Venmo with ENS addresses significantly impacted the rise in ENS Coin price. This could signal further growth in the future if major cryptocurrencies maintain their stability.
