The Ethereum Name Service’s native cryptocurrency, ENS, has taken the lead as the most significant gainer among the top 100 cryptocurrencies. This surge comes in the wake of a landmark partnership with leading domain registrar GoDaddy.

Impressive 24-Hour Surge

In an exceptional 24-hour timeframe, ENS has witnessed a staggering 19.3% increase, trading at a noteworthy $21.6. The result of this uptick is a market capitalization that has soared past $660 million, placing ENS as the 93rd-largest crypto by market cap.

Volume and Open Interest Escalate

ENS’s daily trading volume has seen an unprecedented 225% hike, pushing it to the $200 million mark. Notably, Binance accounts for nearly 30% of the token’s trading volume. Concurrently, the total open interest in ENS has jumped by $16.9 million, now standing at $60.05 million according to Santiment’s data.

Market Sentiments Mixed

Despite the positive price action, the total funding rates for ENS have slightly decreased from 0.009% to 0.007%, hinting at a mixed sentiment among investors that might be speculating on a potential downturn following the recent price surge.

Whale Transactions Indicate High Volatility

Market intelligence indicates a substantial rise in whale transactions for ENS, escalating from just one significant transaction to 11 within a day, each valued at over $100,000. Such spikes in whale activity often lead to increased price volatility.

Technical Indicators Suggest Overheating

The ENS Relative Strength Index (RSI) has climbed from 49 to 62 post-price surge, suggesting the possibility of an overbought status and a potential cooldown in price. For ENS to maintain bullish momentum, its RSI would need to remain below the 50 threshold.