Trending Project: Ethereum Name Service - 999 Club 📈
- Name: Ethereum Name Service - 999 Club
- Type: NFTs - Domain Names
- Network: Ethereum
- Floor: 28.50 ETH
- Hotness Rating: 🔥🔥🔥
There’s always a bull market somewhere as a subset of ENS names have gone parabolic.
Ethereum Name Service (ENS) is a decentralized naming service on Ethereum. Ownership of ENS names, which use the suffix .eth, are conveyed by NFTs which are tradeable on secondary markets like OpenSea, LooksRare, and others.
ENS names have seen a considerable spike in trading activity during the week of June 27, with the collection doing 6617 ETH in volumes over this period, a W/W increase of 369%. A considerable portion came on a record-breaking July 3, which saw the largest single day ETH-denominated volumes in ENS history, as 3246 ETH — or 49% of the weekly total — traded hands.
A significant driver of the growth in volumes has been the “999 Club,” which refers to the group of 999 three-digit ENS names that have become highly coveted by investors due to their rarity. This is not the first time this subset has been in the limelight, as a flurry of registrations of these and other, more common digit names (e.g. 4 and 5 digits) between April 25-May 9 coincided with the two largest weeks of trading activity in ENS history.
Per ENS.Vision, the 999 Club accounted for 841.53 ETH in volumes on July 3, the most of any subset tracked by the site during the day. This includes the sale of “000.eth,” for 300 ETH, the second largest purchase in ENS history. The 999 Club currently trades at a floor of 28.50 ETH, which is second to only the “3 Digit Palindromes,” or names with the same first and third number (of which 000.eth is also a part).
It appears as though savvy NFT investors have been taking part in the frenzy, as the number of ENS names held by Nansen smart money addresses has increased 10.97% from 2770 to 3074 since July 2. This positioning suggests that these participants either have significant FOMO, or that the rally in these rare ENS names may have more steam ahead.
Conclusion (🔥🔥🔥/5):
999 Club ENS names represent one of the few pockets of bullishness in both the fungible and non-fungible crypto markets. While the 999 Club may be reserved for whales, smart money accumulation suggests that there may be some fuel ahead for a rally in more common digit names.