- ENS has announced an integration with GoDaddy.
- The partnership news has sent ENS’ price and market cap soaring.
- ENS’ continued rally depends on whether the asset can surmount a critical near resistance.
Over the past 24 hours, most major crypto asset prices have remained largely muted, moving sideways with no apparent immediate direction. Amid the doldrums, however, a few altcoins have managed to post significant gains. Among these is the Ethereum Name Service (ENS) token. The token has received a considerable boost from a recent partnership with Web2 domain registrar GoDaddy, which promises to open the door to mainstream adoption.
ENS Rips on GoDaddy Integration
On Monday, February 5, ENS unveiled a partnership with GoDaddy to allow users to use their DNS domain names instead of the complex Ethereum wallet address string to receive payments and manage assets on ENS-supported Web3 applications through a simple and free integration process.
Following the news, ENS, the native token of the eponymous project, experienced a significant jump in its market cap and price, launching it back into the ranks of the top 100 cryptocurrencies by market cap. CoinMarketCap data ranks the asset at #91 with a market cap of over $680 million, following a 24% jump in the past 24 hours from #105 the day before.
Sponsored
The price of ENS also jumped 28% from a low of $17.5 to a high of $22.4. At the time of writing, the asset has pared some of these gains to trade near $22.3.
The rally comes as investors anticipate greater adoption of the ENS project following the GoDaddy partnership.
Sponsored
Per Dune Analytics data, ENS boasts over 800,000 unique users with 2.1 million ENS names. With the new partnership providing a bridge between ENS and GoDaddy’s over 20 million users, the project has the potential to see over 20 times growth in its user base in the absolute best case. But this could be much less in reality.
Can ENS Continue its Rise?
According to crypto analytics platform IntoTheBlock, ENS would have to surmount resistance at $23, where over 5,000 wallets added over 1.6 million tokens, to sustain its current rally. A clear break above the $23 level could see the token chart a path to over $43 per IntoTheBlock‘s on-chain data.
ENS has seen significant upward momentum, like most crypto assets, since October 2023. Before the GoDaddy partnership, the asset had received a substantial boost from Ethereum’s Vitalik Buterin in January 2024. The Ethereum co-founder had sent the token’s price flying by asserting that the ENS project was “super-important.”
On the Flipside
- The level of adoption ENS will get from GoDaddy remains to be seen.
- ENS remains over 74% below its all-time high of $83.4, per CoinGecko data at the time of writing.
Why This Matters
ENS’ price action in response to the GoDaddy partnership highlights enthusiasts’ strong conviction in the partnership’s ability to bolster the project’s adoption.
Read this for more on the ENS and GoDaddy partnership:
Here’s How Ethereum Users Can Link to GoDaddy Domains for $0
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