Ethereum Seeing Waning Address Activity

Alex Dovbnya

Ethereum's post-Merge performance remains disappointing when it comes to numerous metrics

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Thu, 20/10/2022 - 20:34

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According to data provided by Santiment, Ethereums active addresses have plunged to a four-month low.

This comes a little more than a month after the second-largest blockchain transitioned to the proof-of-stake consensus algorithm. This suggests that the hype surrounding the much-anticipated upgrade hasn't materialized just yet.

On Monday, Ethereum recorded less than 400,000 addresses on the network, which is the lowest level since June 26.

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In the meantime, the price of the ETH token has now slipped below the $1,300 level.

In late July, Ethereum recorded a massive spike in active addresses, but it wasn't related to adoption metrics.

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About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.