Data from Dune Analytics 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% growth from the 122,327 total names registered in June.
Monthly registrations made in July also surpassed the 365,000 monthly registrations logged in May to reach an all-time high.
Further, with 48,233 new addresses on the network in July, ENS saw a 47% uptick in new addresses from the 25,283 new addresses the domain name service recorded in June.
With significant ecosystem growth, how did the network’s token, ENS, fare in July?
ENS was not left behind
Following the bear run that plagued the entire cryptocurrency market in April and June, July ushered in a bullish retracement that saw many crypto assets logging gains. Closing the trading month at an index price of $14.46, ENS grew by 42% in the 31-day period.
As the token’s price grew, trading activity on the network also surged. ENS logged a daily high of 324.57 million on 21 July, after which it started to decline.
On 31 July, the token registered a trading volume of 106.56 million. In the 31-day period, ENS’ trading volume rose by 135%.
Further, the token’s market capitalization rallied from $170 million to $292 million within the period under review.
On a daily chart, data from CoinMarketCap revealed a 5% drop in the price of ENS. Currently trading at its January 2022 level, the token is 84.09% shy of its all-time high of $85.69. At press time, the price of ENS was pegged at $13.54.
On-chain performance
According to data from Santiment, ENS started to see a decline in its network activity on 18 July. After peaking at 592 daily active addresses on 18 July, unique addresses that traded ENS daily dropped till the end of the month.
As a result, the token closed the trading month with an index of 337 addresses on 31 July.
Also, new addresses on the network rose to a high of 238 on 18 July, after which it proceeded to decline by 65%. In addition, the token’s transaction volume logged a high of 2.83 million on 21 July and dropped by 66% within the nine days that followed.
Source: Santiment
Notably, on a social front, ENS posted losses in the 31-day period. Its social dominance declined by 13%. Furthermore, its social volume also dropped by 7%.
Source: Santiment
Closing the trading month 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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