The Ethereum Name Service (ENS) promises to make crypto wallet addresses much easier to remember, and it does it in part by using its native coin.
Despite the fact that it is just a little more than six months old at the time of writing, it has sparked a lot of attention. But, what is the price forecast for Ethereum Name Service?
ENS Information
The Ethereum Name Service is a system that allows individuals to convert their long and complex crypto wallet addresses into something easier to remember, similar to how the domain name service (DNS) on the internet converts web addresses from a string of apparently random digits into a set of words.
The technology has been operational for some years and was even financed by Ethereum. Despite the fact that the Ethereum Name Service is built on the Ethereum blockchain, it does not exclusively utilise Ether. With the system’s wallets, you may send and receive almost any cryptocurrency, albeit the service’s yearly costs are paid in Ether. ENS, the system’s own cryptocurrency, is currently exclusively utilized for governance.
However, because ENS has just recently become accessible on the open market, predicting the price of Ethereum Name Service is difficult because there is less data to rely on, which means there is a smaller percentage time period to transfer forward.
As a result, an ENS price forecast might be considerably too optimistic or far too conservative. We won’t know which one it is until it happens, as is always the case with these kinds of situations.
The whitepaper for the Ethereum Name Service may be found here.
The naming system was created to “translate human-readable names like alice.eth to machine-readable identifiers like Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata,” according to the ENS technical literature.
“ENS also supports’reverse resolution,’ allowing metadata such as canonical names or interface descriptions to be associated with Ethereum addresses,” the document continues.
“ENS has similar purposes to DNS, the internet’s Domain Name Service, but its design is considerably different owing to the Ethereum blockchain’s capabilities and limits.”
History of the Ethereum Name Service pricing
Even though past performance is no guarantee of future results, especially when there is little to go on, if we are attempting to estimate the coin’s future worth, we should look at the Ethereum Name Service price history to see how ENS has responded to various market activities over the last few months.
Since the end of 2021, the Ethereum Name Service currency has been traded publicly. It was valued $33.66 when it was released on November 9 of that year, and it rallied from an intraday low of $22.92 to complete the day at $43.66.
The fact that the ENS token quickly reached an all-time high demonstrates the intrinsic volatility of the cryptocurrency market, if not of the ENS token itself. It reached an intraday high of $84.78 on November 10, 2021, only a day after it began trading and plummeted to a new low. To put it in perspective, it had nearly quadrupled in less than 24 hours.
Part of this was due to some good news for the coin’s early adopters that day, when Ethereum Name Service airdropped cryptocurrency into their wallets based on how much they had on October 31.
This meant that some people who had purchased wallet domain names through the business benefitted in a significant way, which sparked a lot of interest in the coin. The next day, it climbed to new heights, with an intraday high of $85.69 standing as its current all-time high.
The rest of the month saw some retracement, which is usual in new cryptocurrencies but would have made predicting the price of Ethereum Name Service difficult: it spent the following several weeks swinging between the $30s and the $50s.
This changed when the currency saw a bull run, rising from an intraday low of $46.01 on November 24, 2021 to an intraday high of $83.54 on November 27, a gain of more than 80%.
While the price hovered at $80 for a short period, it subsequently plummeted and spent much of early December trading in the $50s, before sliding again to around $48 on December 9, 2021. It had a market valuation of roughly $965 million at the time, making it the 219th biggest cryptocurrency by that criterion.
The coin has suffered as a result of the protracted bear market. The cryptocurrency ceased trading above its initial price on January 7, 2022, and began to decline. The coin reached an intraday high of $18.54 on February 16, 2022, but it quickly fell from there, with the bottom occurring on February 24, when market concerns over Russia’s invasion of Ukraine drove it further lower to $12.01.
Following that, despite an attempt to remove ENS director Brantly Millegan over prior tweets that his critics said were homophobic, racist, sexist, and antisemitic, ENS was trading at around $15.35 on the afternoon of March 17, 2022.
The currency embarked on a bull run in late March and early April, reaching an intraday high of $21.19 on April 3rd. With that, things went south, and on April 11th, following the news of China’s crypto ban, it hit a low of $13.55. However, there has been some recovery since then, and it was valued roughly $18.92 on April 28, 2022.
Part of this was due to an increase in the number of deals for the rights to certain domain names. From that, it was caught in the feedback following the depegging of UST and the collapse of LUNA, which led cryptos to fall across the board, and it plummeted to an all-time low of $7.41 on May 12th. There has been some comeback since then, and it was valued roughly $10.25 on June 14, 2022. However, the decreasing trend continued, and by June 14, 2022, it was valued around $8.30.
Out of a total quantity of 100 million ENS, 20.24 million were in circulation at the time. It now has a market valuation of roughly $165 million, making it the 135th most valuable cryptocurrency.
Cryptocurrency price forecast for Ethereum Name Service
So, what do you think the price of the ENS coin will be? Remember that many crypto predictions, at least in the long run, prove to be incorrect. Crypto forecasts are frequently produced using algorithms that may not reflect all market variables.
First, according to WalletInvestor, the ENS price will drop dramatically, reaching $0.423 in June 2023.
Second, PricePrediction.net forecasts that the Ethereum Name Service will reach an average of $13.49 this year, $19.61 the next year, and $28.22 in 2024. According to the site, the coin might achieve $39.82 in 2025, before rising to $59.56 in 2026 and $86.53 in 2027. The Ethereum Name Service is expected to break $100 in 2028, before closing the decade at $180.88, according to the site’s forecast.
The site is one of the few to estimate the price of Ethereum Name Service in 2030, when the currency is expected to be worth $247.95 before trading at an average of $356.78 the following year.
DigitalCoinPrice offers an ENS price prediction that is, at the very least, more conservative in the long run. According to the website, the token might reach $10.90 in 2022, then rise to $12.28 the following year before decreasing to $11.67 in 2024. However, the site’s Ethereum Name Service price projection for 2025 is $15.90, indicating that there will be a comeback.
The next year, it would drop to $15.01 before rebounding to $20.19 in 2027. According to the site, the token will be worth around $38.40 in 2030 and $42.76 in 2031, after which there will be another long bull run.
Price forecast for Ethereum Name Service
Price forecast for Ethereum Name Service in 2022
In the first week of January 2022, Ethereum Name Service fell below $14.52 for the first time since January 2021, reaching $41.63. By the end of the year, Ethereum Name Service will have surpassed the $24.70 level. It may burst through the $85.69 barrier and hit $24.70 before then. Ethereum Name Service, according to our technical analysis, will shortly break over its all-time high of $85.69 and settle between $23.22 and $24.70. The price of Ethereum Name Service is now $17.64, with a 24-hour trading volume of about 197.28 million.
Price forecast for Ethereum Name Service in 2023
Ethereum Name Service may be able to break past the $28.47 barrier and hold the market by the end of 2023. By the end of 2023, the lowest Ethereum Name Service price will be between $23.30 and $28.47, and the most probable Ethereum Name Service price will be around $26.17.
Price forecast for Ethereum Name Service in 2024
Market analysts and experts believe that ENS will begin the year at $21.65 and end the year at $28.96 in 2024. In comparison to previous year, this would be exceptionally high, according to our forecasts.
Price forecast for Ethereum Name Service in 2025
Ethereum Name Service 2025 Price Prediction has a decent probability of doubling in price, but it’s also conceivable that it won’t reach its predicted maximum of $38.85. In 2025, Ethereum Name Service is expected to hit an all-time high of $33.88 or $38.85, making it the year of its coin.
Price forecast for Ethereum Name Service in 2026
In 2026, the Ethereum Name Service Price Prediction, or ENS, is expected to increase dramatically, with the potential to reach new highs in terms of price points and market size. In 2026, the price of Ethereum Name Service is predicted to exceed $35.30. In the five years starting in 2026, it is estimated that Ethereum Name Service will achieve a maximum price of $35.30 and a lowest price of about $28.54.
Price forecast for Ethereum Name Service in 2027
In 2027, we believe Ethereum Name Service will reach a price of $43.02. In the meanwhile, Ethereum Name Service is anticipated to hit a low of $33.92 this year. The highest possible price is $49.04.
Price forecast for Ethereum Name Service in 2028
The price of Ethereum Name Service is expected to reach $55.92 by the beginning of 2028, while the price of ENS is expected to reach $55.92 by the end of the year. Furthermore, the cost of ENS might exceed $51.57. The time gap between 2024 and 2028 will offer substantial years of growth for Ethereum Name Service.
Price forecast for Ethereum Name Service in 2029
According to the Ethereum Name Service prognosis and technical analysis, the Ethereum Name Service price in 2029 is predicted to cross the $71.92 average price level. The minimum price of Ethereum Name Service is anticipated to be $69.20 by the end of 2029. Furthermore, ENS has a maximum price level of $74.48. Ethereum Name Service will have an average price of $74.48 by the end of 2029.
Price forecast for Ethereum Name Service in 2030
By 2030, the price of Ethereum Name Service is expected to reach $78.07. Ethereum Name Service’s worth might reach $84.61 at its peak in 2030, with an average trade price of $81.83. Experts predict that the highest price will be about $81.83.
Lastly, some ideas
It’s important to note that ENS is still a very young coin, and many cryptos have had promising beginnings before their prices dropped into obscurity or, worse, the crypto perished. While the coin’s performance has been encouraging, it’s important to remember that prices may plummet just as rapidly as they can climb, as we just saw with LUNA.
Furthermore, just because the Ethereum Name Service is a relatively new system with a lot of promise does not guarantee that it will succeed. It’s also feasible that another product comparable to ENS may emerge and beat it at its own game, just like Ethereum did with proof-of-stake blockchains.
FAQ
What is the best way to purchase Ethereum Name Service (ENS) Tokens?
Ethereum Name Service (ENS), like other digital assets in the crypto realm, may be exchanged on a variety of exchanges. Users may purchase ENS tokens on cryptocurrency exchanges including Kucoin, Gate.io, and Binance, among others.
Is there a future for Ethereum Name Service (ENS)?
Yes, as long as investors and the positive market continue to support cryptocurrencies.
Will the price of Ethereum Name Service hit $100?
If the cryptocurrency’s growth rate continues to accelerate, the price of Ethereum Name Service might exceed $10 this year.