First sell-off wave hits ENS

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Ibis
Nov 11, 2021

ICYMI, Ethereum Name Service launched a brand new DAO and airdropped $500m+ worth of its new governance token (ENS).


The amount of unique addresses interacting with ENS soared in the past 36 hours, peaking at just over 47000 earlier today:


The surge in network activity is prompted by addresses claiming ENS - the 'normal' address activity will likely be much more modest (few 1000s if I had to guess).


There's already been a concerted dumping effort marked by a strong uptick in active deposits and exchange inflow in early morning hrs:


The dumpage coincided with a local top, but the price recovered (and charted a new ATH) a few hours later.


As long as users are taking profits and showing concerns about ENS' price momentum, the rally has a chance. Once overconfidence hits (it will look like low deposit and exchange activity while ENS pumps), a correction may be near.


Stay safe out there.

ENS
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Ibis
Nov 11, 2021

Thanks for reading!

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Assets from this insight

Ethereum Name Service logo

Ethereum Name ServiceENS

$ 50.15

25.98%in last 7d

Conversations (1)

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JayJay

27 days ago

you should mention that it also peaked with binance deposits opening (7AM/8AMUTC. So from my point of view that added expected pressure to active addresses top since buyers do not require to uniswap