ENS Token Skyrockets 50% as Vitalik Buterin Highlights Its Significance

Published: Jan 3, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

A tweet from Ethereum co-founder Vitalik Buterin ignited a 50% price surge in the ENS governance token in the last few hours. Buterin called the Ethereum Name Service “super important” while advocating expanded layer-2 functionality to boost affordability and access.

Key Details:

  • Buterin said direct layer-2 ENS integration is needed for wider ecosystem adoption.
  • His comments triggered the ENS price to hit $14.69.
  • ENS boasts over 2 million registered blockchain domains and 745k users.

Buterin argued layer-2 chains should prioritize building out support for ENS profiles to smooth cross-platform interoperability. He specifically called for “trustless, Merkle-proof-based CCIP resolvers” to enable reading and updating ENS subdomains directly on layer-2 networks.

This would streamline mapping the human-readable profiles like Vitalik.eth purchased on ENS across L2 chains and applications. 

Read more: Goldman Sachs Eyes Authorized Partner Role For BlackRock And Grayscale Bitcoin ETFs

ENS Spikes 50% After Buterin’s tweet

By spotlighting ENS as “super important,” Buterin reminded markets of the essential role universal naming systems play in the blockchain experience. 

As a result of Buterin’s endorsement, the ENS token experienced a remarkable upswing, soaring by more than 50% in a single day. At its highest point, ENS reached $14.69 before stabilizing at its current trading price of $12.05.

Source: CoinMarketCap

Read more: Bloomberg Bitcoin ETF Analyst Questions Matrixport SEC Rejection Report

The 24-hour trading volume witnessed an extraordinary increase, surging by 1856.64% to reach $431,064,346. Other metrics affirm the network effects taking hold after enabling 745k participants to purchase 2.58 million blockchain domains. 

The tweet by Buterin comes as a response to the market downturn following Matrixport’s report on potential Bitcoin ETF rejections in January. This also triggered a 7% drop in the global crypto market cap. Major cryptocurrencies also exhibited single- and double-digit gains.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.