ENS price increases due to this calculation, but there was a decrease in…

  • ENS experienced steady growth in terms of monthly active users
  • Although prices rose in the past week, network growth and volume fell

The monthly active addresses of AGREED continued to grow according to analytical platform Messari. This took place despite declining user activity across the board due to the volatility that arose in the Web3 space. The growth may eventually play a key role in influencing the network’s future.

Read ENS’s price prediction 2022-2023

ENS, against all odds

The increase may be a reason why the prices for ENS rose 6.54% in the last week. The number of active addresses on the platform was 10 times higher than the activity registered last year, as can be seen from the image below.

Source: Messari

Along with growth in activity, the decentralized web content on the network also grew. Furthermore, DWEB’s growth was consistent in recent months. Furthermore, the protocol earned $1.7 million in protocol revenue and was added 22k new accounts in November. Despite this, however, avatar records fell.

Not all roses and sunshine for ENS

ENS had a tough time this crypto winter with on-chain calculations. Network growth fell significantly in the last month, as the number of addresses transferring ENS for the first time decreased.

ENS also experienced a drop in volume, falling from 94.3 million to 15.2 million in the last month. This indicated a declining interest from traders. Despite these indicators, however, large addresses showed faith in ENS, as there was an increase in supply to top addresses. So, meIncreasing interest from whales could drive ENS’ prices even further.

Source: Sentiment

It appeared that whales, along with helping with price action, helped ENS soar in terms of market cap dominance as well, as it grew by 3.02%. At the time of writing, ENS took 0.04% of the total crypto market.

Source: Messari

However, investors looking to buy ENS should be cautious as the token’s volatility increased by 74% in the last 30 days. This suggested that ENS had been more exposed to massive price fluctuations in the past month.

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