Blockchain

Ethereum Network Adds Over 70,000 New Unique Addresses Daily In The Last 1 Month

As Ethereum (ETH) prepares for the highly awaited Merge upgrade, the network continues to see tremendous activity. The number of newly minted Ethereum unique addresses is growing ahead of the September 15 event in this regard.

The Ethereum network had 204,571,827 unique addresses as of September 2, an increase of 2,210,529 addresses from the 202,361,298 recorded on August 2. According to Etherscan data, Ether added approximately 71,307 addresses over 30 days.

Source: Etherscan

It should be noted that new addresses do not always show their status as active or the number of users who have joined the network. Individual investors can have many Ethereum wallet addresses.

The increase of Ethereum addresses can be ascribed partly to the Merge upgrade, which will shift the network to a Proof-of-Stake (PoS) blockchain. Ether has recently exhibited signs of surging in anticipation of the upgrade, contributing to a broader market short-term rise in August following the update’s release.

Similarly, signals of an Ether future rally have appeared, with blockchain analytical site Santiment reporting that traders are shorting ETH at their highest level since June 2021.

It would be fascinating to see how the update affects the present bear market, given that most Ethereum investors are losing money. Based on a seven-day moving average, the number of ETH addresses in loss reached a new monthly high of 38,001,366.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.