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The native token of the Ethereum Name Service platform, ENS, has emerged as the top gainer among the leading 100 cryptocurrencies after teaming up with the popular domain name registrar GoDaddy.
ENS is up by 19.3% in the past 24 hours and is trading at $21.6 at the time of writing. Following the price hike, the asset’s market cap surpassed the $660 million mark — making it the 93rd-largest crypto.
The daily trading volume of ENS also rallied by 225%, reaching $200 million. Data shows that almost 30% of the token’s trading volume comes from Binance.
According to data provided by Santiment, the total open interest (OI) in ENS increased by $16.9 million over the past 24 hours — currently sitting at $60.05 million.
However, the asset’s total funding rates declined from 0.009% to 0.007%, per Santiment. This might indicate that some investors are betting against the ENS price surge. The exact amounts of short and long position holders are still unclear until further price movements.
Data from the market intelligence platform shows that the number of whale transactions consisting of at least $100,000 worth of ENS tokens surged from one transaction per day to 11 in the past 24 hours.
Typically, when an asset’s whale activity suddenly surges, high price volatility is usually expected.
The ENS Relative Strength Index (RSI) also rose from 49 to 62 following the price surge, according to Santiment. This shows that ENS might currently be over-heated and a price cooldown would be on the way.
For ENS to stay in the bullish zone, its RSI would need to stay below the 50 mark.