The value of Ethereum Name Service ($ENS) has soared over 49% in the past week, fueled by increasing market optimism.

Amid this surge, former ENS Operations Director Brantly Millegan (@BrantlyMillegan) has made a significant move, depositing 92,535 $ENS ($1.98M) to Coinbase at a price of $21.34 per token.

Millegan’s strategic deposits have been a recurring theme this year. Since January, he has deposited a total of 291,305 $ENS ($6.53M) to Coinbase, capitalizing on dramatic price increases.

His latest deposit comes as $ENS experiences a 47.7% jump in just two days, following news that the approval of an Ethereum ETF is becoming increasingly likely. However, the token’s price has dipped 2% in the past 24 hours, reflecting the volatile nature of the market.

Former #ENS Operations Director Brantly Millegan (@BrantlyMillegan) just deposited 92,535 $ENS ($1.98M) to #Coinbase at $21.34.

Since this Jan, he has deposited 291,305 $ENS ($6.53M) to Coinbase, all during dramatic price surges.

Brantly Millegan still holds around 373K $ENS… https://t.co/JFnks97s6p pic.twitter.com/xficE9pNXN

— Spot On Chain (@spotonchain) May 22, 2024

Despite these substantial deposits, Millegan retains a significant holding in $ENS. He still holds approximately 373,000 $ENS ($7.97M) in a timelock contract, indicating his continued confidence in the token’s potential.

The recent surge in $ENS is closely tied to broader positive developments in the Ethereum ecosystem. The heightened anticipation of an Ethereum ETF approval has driven investor interest, pushing prices higher. This optimistic outlook has buoyed $ENS, a token intricately linked to the Ethereum network.

However, the slight decline in $ENS price over the past 24 hours suggests a natural market correction following the rapid gains. Market watchers will be keenly observing whether $ENS can sustain its upward trajectory in the coming days.

Overall, the strategic actions of key players like Millegan and the positive market sentiment surrounding Ethereum ETFs are contributing to a dynamic and rapidly evolving landscape for $ENS. As the market continues to react to these developments, $ENS remains a token to watch closely.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: nexusplexus/123RF // Image Effects by Colorcinch

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