Is ENS totally divorced from the surge in Ethereum Name Service domains

ambcrypto.com:

Web3 technology is a technology that keeps giving. We started with creating various kinds of digital currencies that are free from regulatory control. These currencies can be held in digital wallets that can be reached through wallet addresses.

A wallet address is made of figures and alphabets and is used for initiating the transfer and receipt of digital assets. You should be familiar with long-form wallet addresses in this format- “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa”

A few years down the line, we thought: “how do we make these long-form/unreadable wallets addresses humanly readable and accessible”. Then arrives the Ethereum Name Service (ENS) with a solution to this problem. ENS represents a name(in human-readable format) that allows holders of cryptocurrencies to have a single username for all their cryptocurrency addresses and decentralized websites.

Since its inception, ENS has recorded significant growth. In fact, on 23 May, the lead developer in a tweet stated that the platform has recorded significant growth in registrations, renewals, revenue (ETH & USD), and income (ETH & USD) in the month of May.

Well, let’s see if the ENS token toed a similar path.

Despite the growth recorded in registrations, renewals, and revenue on the ENS Platform since the beginning of the month, its native token, ENS did not seem to have given a hoot. Standing at $12.47 at press time, the token shed 39% in less than 25 days.

Source: CoinMarketCap

As a natural consequence, the market capitalization for the ENS token also plummeted. Within the period under review, the market capitalization declined from $425m to the $256m indexes it marked at press time.

In addition, movements on the price chart suggested a generally bearish outlook for the