This Might Be A Top 10 Cryptocurrency Soon
This is not financial advice. I am not an expert. And you should do your own research.
Investing in new cryptocurrencies isn’t normally a good idea. Most new projects are scams.
Then, there’s ENS. This project has been around since 2017 and allowed anyone to get a name for their crypto wallets or host websites.
This team has been killing it for years. And a couple days ago, they dropped a new token. This is easily the best investment in the industry right now.
The Identity Layer of Web3
ENS lets you customize your wallet name. And customization is really important.
There’s a strong similarity to the gaming industry. What’s the most lucrative thing in gaming? Customization.
Different characters, skins, perks, etc.
Having a degree of self expression is really important. And people are willing to pay for it.
But for ENS, it’s part of your journey into the crypto world. It’s one of the first things you do. It makes you an official citizen Web3.
Have you ever been on crypto Twitter? Everyone has their ENS domain as their name. Including me. And this was long before we got any tokens.
As the world continues to adopt Ethereum, ENS is going to be a big part of that world. People want to have their own custom name. And that’s not going to change anytime soon.
GoDaddy of Web3
GoDaddy is one of the most successful Internet companies. It’s worth over $10 billion and it’s extremely simple. It lets you buy domains and host websites.
ENS is the GoDaddy of Web3. You can host websites using your ENS domain.
This is going to be really important in the future. There’s already a struggle for Internet freedom going on. Right now, big tech is winning.
You can get kicked off social media, banned from the App Store, they can even refuse to sell you hosting.
ENS allows you to host your website without permission from anyone. It’s completely decentralized.
And the best part? All the important decisions will be made by the community as a whole. if you owned ENS tokens, you’ll get a say in what the future of the Internet looks like. That’s a lot of power.
Lack of Supply
The token is brand new. It’s only existed for a few days now. Which means it’s really difficult to get some.
Early users got airdropped ENS tokens. But for everyone else, they had to rely on exchanges like Uniswap or Gate.io
Binance is the first big exchange to list it. But there are plenty of other big exchanges that don’t have it yet. The big one being Coinbase.
And seeing as Coinbase is an ENS delegate, you can bet they’re going to list it soon.
Do you remember the Shib pump? The reason that happened was largely because it was listed on Coinbase.
In order for a cryptocurrency to go parabolic, it needs to be readily available to buy. Every exchange is working to list ENS as quickly as possible.
Following Uniswap
The best way to understand ENS is by comparing it to Uniswap. They have many similarities.
Governance tokens
Provide utility in Web3
Airdropped tokens to early users
Both of these projects are building blocks of Web3. They’re going to be very important.
Based on the utility, they’re likely going to have comparable market cap sizes. Which is going to mean a ~18x for ENS from the current price. Let’s imagine ENS grows to Uniswap’s size (~$16B) within the next few months.
That would put the price of a single ENS token at well over $1,000 USD.
Let’s not forget that we’re in a bull-run right now. Most cryptocurrencies are at an all-time high. And growing. Giant companies are adopting this tech. It’s going mainstream.
For all we know, ENS can become a top 10 project next month and the entire industry can boom with it.
$50B market cap isn’t off the table.
When a token like ENS launches, the early price is the low. It very rarely stays that long.
Price Prediction
There will be 100,000,000 tokens in total. And they will be distributed like this.
25% airdropped to .eth users
25% to contributors who work on ENS (4 year lock)
50% to community treasury (only 10% available at launch)
This tells us a few important things.
Over half of all tokens are locked
25% to early users + 10% of community treasury = Only 25 million tokens are in circulation right now
So, we’ve got a few powerful factors at play here.
GoDaddy of Web3
Similar to Uniswap
Identity layer of Web3
No early investor advantage
More than half of tokens are locked
Lacking on most exchanges (for now)
Final price prediction: $1,100
Not only will ENS likely be a leading cryptocurrency. But it will grow along with the rest of the market. And it has the potential to peak around this price. It’s impossible to say when ENS will reach this price. But it will be nice to see a project with real utility explode in price instead of meme coins.