ENS prices are increasing due to this metric, but there has been a drop in…

  • ENS has seen steady growth in terms of monthly active users
  • Although its prices have surged over the past week, network growth and volume have depreciated

The monthly active addresses on ENS continued to grow according to the Messari analytical platform. This happened despite the decline in user activity across the board due to the volatility that occurred in the Web3 space. Growth could eventually play a key role in impacting the future of the network.

Lily ENS Price Prediction 2022-2023

ENS, against all odds

The surge could be one of the reasons why ENS prices jumped by 6.54% over the past week. The number of active addresses on the platform was 10 times higher than the activity recorded last year, as can be seen in the image below.

Source: Messari

Coupled with business growth, decentralized web content on the network grew up too. In addition, DWEB’s growth has been steady over the past few months. Additionally, the protocol generated $1.7 million in protocol revenue and added 22k new accounts in November. However, despite this, avatar records have declined.

Not just roses and sunshine for the ENS

ENS has had a tough time this crypto winter with on-chain metrics. Its network growth has slowed significantly over the past month as the number of addresses that transferred ENS for the first time has declined.

ENS also saw a drop in volume, from 94.3 million to 15.2 million last month. This suggests waning interest from traders. However, despite these indicators, the big addresses trusted the ENS, because there was an increase in the supply held by the best addresses. Thus, IGrowing interest in whales could propel ENS prices even further.

Source: Santiment

It appeared that in addition to helping price action, whales also helped ENS to soar in terms of market cap dominance as it rose by 3.02%. At the time of writing, ENS captured 0.04% of the overall crypto market.

Source: Messari

However, investors looking to buy ENS should be cautious as the volatility of the token has increased by 74% in the last 30 days. This implied that the ENS had been more sensitive to massive price swings over the past month.

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