Ethereum Wallets Experience Astonishing Activity Surge

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Dailycoin2023/10/30 11:42

By:Dailycoin

Ethereum has recorded a second-all-time high in transactions.
Experts predict a bullish phase for the network.
The price of Ether has experienced a slight increase.

Recent months have witnessed a highly bearish run for digital assets, including Ethereum (ETH).

Amid its ongoing recovery from the rather turbulent phase, the Ethereum network may be experiencing the precursor to a bullish price reversal after recording over one million transactions in a single day.

Unprecedented Network Activity

The network witnessed an extraordinary surge in activity on September 13th, marking the second-highest level in its eight-year history.

😮📊 The #Ethereum network just saw 1,089,893 unique wallets acting as a sender or receiver of $ETH on Wednesday, the 2nd highest amount in the asset's 8+ year history. This historic anomaly could be the capitulation signal needed for prices to rebound. https://t.co/JF0g8vvBWs pic.twitter.com/1dRnPCjxcA
— Santiment (@santimentfeed) September 14, 2023

According to the market intelligence platform Santiment, 1,089,893 unique wallets participated in Ethereum (ETH) network transactions as senders or recipients. This figure indicates a 150-200% increase from the network’s typical previous record of 300,000 to 450,000 wallets. Of the transactions, 640,000 Ether (ETH) were recorded as withdrawals from centralized exchange users.

Despite the recent spike in activity, the overall net activity on the Ethereum (ETH) network remains relatively subdued, decelerating the Ethereum Improvement Proposal (EIP) 1559-enabled token-burn process.

Ethereum (ETH) is trading at $1,619 on major spot platforms, reflecting a 1.3% increase over the last 24 hours.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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