Data from Dune analysis revealed that the leading Ethereum-based domain name service, Ethereum Name Service (ENS)saw tremendous growth in July.
Over the past month, the platform has seen the registration of 378,804 names. This is a growth of 67% from the 122,327 names registered in June.
Monthly registrations made in July also surpassed the 365,000 monthly registrations recorded in May to hit a record 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 registered by the domain name service in June.
With significant ecosystem growth, how did the network token, ENS, fare in July?
The ENS is not left out
After the bear run that plagued the entire cryptocurrency market in April and June, July ushered in a bullish retracement that saw many crypto assets post gains. Closing the month of trading at an index price of $14.46, ENS was up 42% over the 31-day period.
As the price of the token increased, so did the trading activity on the network. The ENS registered a daily high of 324.57 million on July 21, after which it began to decline.
On July 31, the token recorded a transaction volume of 106.56 million. Over the 31-day period, ENS’ trading volume increased by 135%.
Moreover, the market capitalization of the token increased from $170 million to $292 million during the reporting period.
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% off its all-time high of $85.69. As of press time, ENS is priced at $13.54.
According to data from Saniment, the ENS began to see a drop in its network activity on July 18. After peaking at 592 daily active addresses on July 18, unique addresses that trade daily with ENS fell through the end of the month.
As a result, the token closed the trading month with an index of 337 addresses on July 31.
Additionally, new addresses on the network peaked at 238 on July 18, after which they declined by 65%. Additionally, the token’s trading volume peaked at 2.83 million on July 21 and fell 66% in the ensuing nine days.
In particular, on the social level, ENS recorded losses over the 31-day period. His social dominance has decreased by 13%. In addition, its social volume also fell by 7%.
Closing the month of trading with 10.18 million ENS tokens on the exchange, investors remained bullish and preferred HODLing over the 31-day period under review.