Ethereum Name Service (ENS) and Helium (HNT) Outperform the Market as Memecoin MEW Rallies 82%

On the 24-hour timeframe, Ethereum Name Service is slightly ahead of the rest of the crypto market, with a 5% gain compared to a 2.4% gain for Helium

Cryptocurrency prices today: Top gainer is a memecoin, HNT surges on activity spike

Prices of most cryptocurrencies were up on Monday morning, with Ethereum Name Service (ENS) leading the gains. Among the top ten cryptocurrencies, HNT saw the second-highest gains in the past 24 hours.

Cryptocurrency prices today: Top gainer is a memecoin, HNT surges on activity spike

Here are the key updates on crypto prices today:

ENS Surges on ETF Launch, Network Activity

Out of the top ten cryptocurrencies, ENS saw the highest gains in the past 24 hours, surging by over 5%. The token is used to power the Ethereum Name Service, a decentralised system that allows users to replace complex Ethereum wallet addresses with simple, human-readable names like ‘donald.eth’.

Built on the Ethereum blockchain, ENS improves security, user-friendliness, and integrates with various Ethereum applications. Currently, there are over 2 million unique names and over 885K ENS name owners.

One reason for the slight ENS rally could be that Spot ETH ETFs just started trading in the United States. Another reason is that the Bitwise ETF (ETHW) became the first U.S. ETP to reveal its Ethereum addresses and assign ENS subnames to them.

Announcement: Today, the Bitwise Ethereum ETF (ETHW) became the first U.S. ETP to publish its Ethereum addresses and set ENS subnames for each address.

1.ethw.bitwise.eth -> 0xa15c…2A692.ethw.bitwise.eth -> 0xEd92…b4eF3.ethw.bitwise.eth -> 0x3339…7cB54.ethw.bitwise.eth… pic.twitter.com/SdOGiXkyqP

Moreover, increased network activity on the Ethereum Name Service is likely responsible for the increase in price. Data from Santiment reveals that daily active addresses on ENS increased significantly.

The data shows a spike to 670 addresses in the early hours of July 24. Here's a look at the past 24 hours of activity on ENS.

Helium Network Sees Activity Spike, User Base Grow

Among the top ten cryptocurrencies, HNT saw the second-highest gains in the past 24 hours, surging by over 2%. The token is used to power the Helium Network, a decentralised blockchain-based network part of the Decentralised Physical Infrastructure (DePIN) narrative.

It’s designed to provide wireless connectivity for Internet of Things (IoT) devices through a peer-to-peer system of nodes called Hotspots. Hotspot operators receive HNT for providing coverage and processing data transactions.

According to the official Helium account, the network is “buzzing with activity”, with 100K Helium mobile sign-ups and the same number of connected cars in its DIMO network. There are also developments around the energy subnetwork.

The Helium Network is buzzing with activity – 100K @helium_mobile signups, 100K connected cars on @DIMO_Network, new developments in Energy subnetwork proposal by @srcful, and more. Join the Helium community call tomorrow to get updates directly from the @HeliumFndn team and HIP… pic.twitter.com/on68nHbbgY

The network recently saw a bug fix and a flurry of user activity, which may explain the price surge. HNT has gained over 20% in the past week, currently trading for US$5.21 (AU$7.89) per coin.

Also Read: Whale Alert: Mt. Gox Transfers 47,500 BTC, Here’s Where They Went