ENS gains 5% on a 24-hour timeframe, outshining the crypto market due to Spot ETH ETF commencing trading and increased network activity.MEW, Ethereum Name Service and Helium Lead the Rally: Here’s Why
MEW, a Solana-based memecoin, leads weekly gains with an 82% increase, vowing to end the dominance of dog-themed memecoins.
Helium (HNT) reports a 20% weekly gain, supported by network enhancements and significant user engagement.
On the 24-hour timeframe, Ethereum Name Service is slightly ahead of the rest of the crypto market, with a 5% gain compared to a 2.4% gain for Helium (HNT). Zooming out to a weekly timeframe, the top gainer is (surprise, surprise) a memecoin.
The Solana-based cat in a dogs world (MEW) has gained 82% in the past week. MEW is a token that, well… wants to end the rule of dogs in the crypto memecoin scene.
ENS Surges on ETF Launch, Network Activity
One reason for the slight ENS rally could be that Spot ETH ETFs have just started trading in the United States.
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Another reason is that the Bitwise ETF (ETHW) has become the first US exchange-traded product to reveal its Ethereum addresses and assign ENS subnames to them.
Additionally, increased network activity on the Ethereum Name Service is likely responsible for the increase in price. Data from Santiment reveals that daily active addresses on ENS have significantly increased.
The data shows a spike to 670 addresses in the early hours of July 24. The Ethereum Name Service is a decentralised system that allows users to replace complex Ethereum wallet addresses with simple, human-readable names like ‘donald.eth’.
Built on the Ethereum blockchain, ENS improves security, user-friendliness, and integrates with various Ethereum applications. Currently, there are over 2 million unique names and over 885K ENS name owners.
Helium Network Sees Activity Spike, User Base Grow
HNT has gained over 20% in the past week, currently trading for US$5.21 (AU$7.89) per coin.
Helium has seen bug fixes and a flurry of user activity which may explain the price surge. As per the official Helium account, the network is “buzzing with activity”, with 100K Helium mobile sign-ups and the same number of connected cars in its DIMO network. There are also developments around the energy subnetwork.MEW, Ethereum Name Service and Helium Lead the Rally: Here’s Why
The Helium Network is a decentralised blockchain-based network part of the Decentralised Physical Infrastructure (DePIN) narrative.
It’s designed to provide wireless connectivity for Internet of Things (IoT) devices through a peer-to-peer system of nodes called Hotspots.
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Hotspot operators receive HNT for providing coverage and processing data transactions, utilising a unique Proof-of-Coverage algorithm to ensure network integrity. This approach facilitates low-power IoT communication across various industries.
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