A handful of industries and tech workers are shifting from Web2 to Web3 and with this move, awareness of blockchain technology is also spreading.
The Ethereum Name Service (ENS) is one project that is looking to help facilitate Web3 adoption by making it easier for DApp users to interact with the Ethereum network. This is accomplished through the creation of human-readable Ethereum addresses that can be converted into the normal machine-readable alphanumeric codes.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $14 on April 26, the price of ENS has surged 91.75% to a daily high at $27.65 on May 2 amid soaring 24-hour trading volume.
ENS/USDT 1-day chart. Source: TradingView
Three reasons for the recent price turnaround for ENS include the