Table of Contents
It has been an eventful week for cryptos. The Ethereum ETFs, a significant development, received approval from the US SEC, which caused a bull run for Ethereum. It is trading at INR 3,41,340 at WazirX and has grown by almost 25% in the past week.
This event has also sent other altcoins experiencing bullish momentum, and Ethereum Name Service (ENS), Pepe (PEPE), and Uniswap (UNI) have been the top performers. Let’s have a quick look at their performance and updates on them.
#1 Ethereum Name Service (ENS)
The Ethereum Name Service (ENS) is a decentralized, open, and expandable naming system built on the Ethereum blockchain. ENS transforms human-readable Ethereum addresses, such as john.eth, into the machine-readable alphanumeric codes familiar from wallets like Metamask.
ENS aims to simplify users’ access to and understanding of the Ethereum-based web, much like the Domain Name Service (DNS) does for the Internet. Like DNS, ENS employs a dot-separated hierarchical naming system called domains, where domain owners have complete control over their subdomains.
The price of Ethereum Name Service (ENS) on WazirX is INR 2,200 today. According to CoinMarketCap, the 24-hour trading volume is $358,163,375, with a circulating supply of 31,476,963 ENS and a market cap of $802,491,928.
ENS, the token enabling easy-to-read Ethereum addresses, has surged in popularity due to its practical utility and the approvals of ETH ETFs from the US SEC. Despite a market cap under $1 billion and stagnation throughout 2023, ENS experienced a breakout in 2024 alongside a general market upswing, reaching a 12-month high above $27 before settling around $25.90. Analysts anticipate the next resistance level between $27.30-$30.40, with extreme predictions suggesting a potential rise to $80.
#2 Pepe (PEPE)
PEPE, a deflationary memecoin introduced on the Ethereum blockchain, pays homage to the Pepe the Frog internet meme originated by Matt Furie in the early 2000s. Embracing the trend of meme coins akin to Shiba Inu and Dogecoin, PEPE aspires to position itself as a prominent meme-based cryptocurrency. The project distinguishes itself by adopting a no-tax policy and openly acknowledging its lack of utility, embracing simplicity and purity as a memecoin to resonate with the cryptocurrency community.
Setting itself unique in the meme coin market, PEPE leverages the enduring and controversial legacy of Pepe the Frog, a character that holds a significant place in internet culture. The project’s commitment to honoring this character sets it apart from other cryptos and enhances its appeal within the crypto community.
The price of Pepe (PEPE) on WazirX is INR 0.0014597 today. According to CoinMarketCap, the 24-hour trading volume of PEPE is $2.75 Billion, with a circulating supply of 420.69T PEPE and a market cap of $6.99 Billion.
PEPE has surged by over 70% this week, significantly outperforming the broader market. This impressive rally is attributed to several factors, including a whale wallet withdrawing 982.56 billion PEPE tokens ($13.55 million) from a popular crypto exchange, contributing to a 45.5% price increase. The whale, likely buying at lower prices, now enjoys a $594,000 profit.
The SEC approval of Ethereum spot ETFs has further fueled PEPE’s parabolic rise. Currently trading at $0.00001695, PEPE has seen a 79% increase this week and 183% this month. Analysts suggest that PEPE may continue its upward trajectory, potentially surpassing Shiba Inu’s market cap, with some predicting an explosive uptick toward $0.00003958.
#3 Uniswap (UNI)
Uniswap is a well-known decentralized trading protocol that helps automate the trading of Decentralized Finance (DeFi) tokens. UNI, the governance token of the Uniswap platform, also allows users to vote on crucial protocol improvements and is, hence, one of the largest cryptos in market capitalization.
Uniswap, launched in November 2018, was one of the first DeFi services to acquire considerable momentum on Ethereum. Many other Decentralized Exchanges (DEX) have since been launched, but Uniswap has always been the most popular by a notable margin.
The price of Uniswap (UNI) on WazirX is INR 973.92 today. According to CoinMarketCap, the 24-hour trading volume is $371,207,667, with a circulating supply of 598,930,295 UNI and a market cap of $6,618,089,238.
Uniswap has experienced a surge in its token price. In May 2024, it saw a significant boost in trading volumes, expanding its liquidity to $6.34 billion across 17 blockchains, marking a 14% increase. This growth is driven by the rising activity on Ethereum-compatible Layer 2 (L2) networks, which have alleviated some of Ethereum’s congestion by handling gaming, NFTs, Web3 identities, and decentralized finance (DeFi) activities. Uniswap’s integration with L2 projects like Arbitrum, Base, and ZK Sync Era has also contributed to increased transactions and liquidity.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
