First sell-off wave hits ENS

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.