ENS Sees Quarterly Decline in Domain Registrations Amid Market Consolidation
The Ethereum Name Service (ENS), a prominent domain name service provider, experienced a drop in domain registrations during the second quarter of the year.
Despite expectations of increased registrations due to lower transaction fees on the Ethereum Network, interest in .eth domain names waned amidst a broader market slowdown.
Monthly registrations peaked in April but steadily declined thereafter. In June, the number of .eth names registered fell by 30% compared to May and dropped by 58% from the peak in April, totaling 20,131 registrations for the month.
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Primary ENS name registrations also hit a year-to-date low by the end of June, with a 39% decrease month-over-month and a significant 55% decline from the beginning of the year.
Moreover, ENS recently saw a decline in derivatives open interest, dropping by 48% in just seven days to $80.12 million. This decrease often signals reduced market activity and can indicate a bearish sentiment.
Despite these challenges, any resurgence in buying interest could potentially reverse the bearish trend, pushing ENS’s price back up toward $25.68.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
