A recent social media post by Ethereum co-founder Vitalik Buterin has sparked a significant price surge for the popular altcoin ENS Coin, despite a general market downturn that saw many altcoins facing double-digit losses. ENS Coin’s value soared over 25% in the wake of Buterin’s endorsement.
ENS Coin’s price plummeted to $8 due to a Bitcoin (BTC) slump but rebounded to $13.13 following Buterin’s tweet. At the time of the report, the coin was trading at $12.7 on the Binance exchange. Buterin’s tweet, which focused on ENS Coin, triggered a rush of buyers.
Buterin’s message emphasized the importance of all Layer 2 solutions (trust-minimized, merkle-proof based) to work on CCIP resolvers, enabling ENS subdomains to be registered, updated, and read directly on Layer 2s. He highlighted the significance of ENS and the need for it to be affordable.
The support for the ENS domain service expressed in Buterin’s message naturally led to an uptick in ENS Coin’s price. The future continuation of this trend remains uncertain, but considering the last time the coin’s price was at these levels was in April 2023, investors might benefit from exercising caution against potential profit-taking.