October 6, 2022

Data from Dune Analytics has revealed that the leading Ethereum-based domain name service, Ethereum Name Service (ENS)recorded tremendous growth in July.

In the last month, the platform saw the registration of 378,804 names. This was a 67% increase from the 122,327 total names recorded in June.

July’s monthly registrations also surpassed the 365,000 monthly registrations recorded in May to reach an all-time high.

Additionally, with 48,233 new addresses on the network in July, ENS saw a 47% increase in new addresses from the 25,283 new addresses recorded by the domain name service in June.

With significant ecosystem growth, how did the network’s token, ENS, fare in July?

ENS was not left behind

After the decline that plagued the entire crypto market in April and June, July saw a bullish resurgence that saw many crypto assets post gains. Ending the trading month with an index price of $14.46, ENS is up 42% in the 31-day period.

As the price of the token increased, the transaction activity on the network also increased. ENS recorded a daily high of 324.57 million on July 21, after which it began to decline.

On July 31, the token recorded a trading volume of 106.56 million. Over the course of 31 days, ENS trading volume increased by 135%.

Additionally, the token’s market capitalization grew from $170 million to $292 million during the period under review.

Source: Santiment

On a daily chart, data from CoinMarketCap revealed a 5% drop in the price of ENS. Currently trading at the January 2022 level, the token is 84.09% short of its all-time high of $85.69. At press time, the price of ENS was pegged at $13.54.

Performance in the chain

According to data from Sentiment, ENS began to notice a drop in its network activity on July 18. After peaking at 592 daily active addresses on July 18, the unique addresses that traded ENS daily declined by the end of the month.

As a result, the token closed the trading month with an index of 337 addresses on July 31.

Also, new addresses on the network peaked at 238 on July 18th, after which it declined by 65%. Additionally, the token’s trading volume hit a high of 2.83 million on July 21 and fell by 66% within the nine days that followed.

Source: Santiment

Specifically, on the social front, ENS recorded losses over the 31 days. Her social dominance decreased by 13%. In addition, its social volume also decreased by 7%.

Source: Santiment

Ending the month trading with 10.18 million ENS tokens on exchanges, investors remained bullish and preferred HODLing in the 31-day period under review.

Source: Santiment

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