According to data provided by Santiment, Ethereums active addresses have plunged to a four-month low.
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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.
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In late July, Ethereum recorded a massive spike in active addresses, but it wasn't related to adoption metrics.
Vladislav Sopov
Dan Burgin