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Home - Ethereum News - Ethereum (ETH) Network Growth Soars As New Wallets Hit 4-Month High

Ethereum News

Ethereum (ETH) Network Growth Soars As New Wallets Hit 4-Month High

Oladapo Timothy
Last updated: October 29, 2024 5:55 am
Oladapo Timothy
Published: October 29, 2024
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Disclosure: BTCRepublic provides analysis and forecasts but does not offer investment advice. Our content is for informational purposes only. Please conduct your own thorough research and consult with a financial advisor before making any investment in cryptocurrency.
Ethereum (ETH) Network Growth Soars As New Wallets Hit 4-Month High
Highlights
  • The Ethereum network recently experienced a significant four-month high growth in wallet activities despite the current ETH price struggles around the $2.2K benchmark.
  • The increase in network activities may trigger an increase in the token price.
  • Ethereum ETFs failed to bring the expected bullish outbreak in the token price.

On Monday, September 9, 2024, Santiment, a popular social metrics platform, revealed in an X post that Ethereum (ETH) “hit a 4-month high in network growth” on Sunday.

Contents
  • Ethereum Price On The Decline
  • Increasing Ethereum (ETH) Token Dump Puts Crucial Supports At Risk
  • Failing Ethereum ETF

📈 Ethereum has just hit a 4-month high in network growth, on a day (Sunday) that is traditionally the least active of the week. 126,210 new wallets created is indicative of rising network utility and anticipated price bounces from the $2,200-$2,300 level. pic.twitter.com/zQaKbBdznK

— Santiment (@santimentfeed) September 9, 2024

According to the post, 126,210 new wallets were added to the Ethereum Blockchain on Sunday, September 8, leading to an increase in network activity.

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This also marks the highest Ethereum network growth activity in a single day since May 5, 2024.

What makes the network activity surge more surprising is the fact that it occurred on a Sunday,

The least-active day of the week.

This impressive one-day network growth indicates an increase in network utility as well as a potential price rally.

The return of the Ethereum whales may also be a reason for the growing network. For instance, Ethereum whales reportedly accumulated 5,000 Ethereum, which is worth about $11.46M at the current ETH price. 

Ethereum Price On The Decline

Despite the increase in network activity on the Ethereum blockchain, the price of Ether (ETH) is on the decline.

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However, as earlier predicted that the one-day network growth may trigger a potential price rally, the price of Ethereum saw a slightly positive move in the last 24 hours, soaring about 1.35%, reducing its end-of-the-week losses to 4.81%.

According to data from Tradingview, the price of Ethereum is currently at $2,321, with an intraday peak of $2,337 before dropping. ETH closed last week with a bearish move – about a 5.28% decline.

While the recent rise in network growth may influence a positive price growth, it is important to always carry out independent research before investing, as the cryptocurrency market is very volatile and can easily change direction.

Ethereum price Sep 9

Increasing Ethereum (ETH) Token Dump Puts Crucial Supports At Risk

Recently, BTCRepublic reported that Ethereum wallets linked to the Ethereum Foundation and Vitalik Buterin have been selling ETH aggressively, which drew the attention of the crypto community to a potential token dump. 

In August, it was reported that an ETH wallet linked to Vitalik received 3,800 ETH (~$10M). But the wallet has been gradually selling its holdings since then.

Also, a crypto wallet associated with the Ethereum Foundation dumped 1,000 ETH tokens, which is worth over $2.39M, on Friday.

However, despite his obvious declining ETH holdings, Vitalik denied all these dumping charges against him last week.

Failing Ethereum ETF

According to data from SoSoValue, the spot Ethereum exchange-traded funds (ETFs) experienced a persistent outflow in mid-August, amounting to over $5.99M, as reported by BTCRepublic. This brought the net ETH ETFs outflows to $568.3M. 

When compared to spot Bitcoin ETFs, spot Ethereum ETFs have consistently underperformed since its approval in January last year.

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ByOladapo Timothy
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An expert, trader and writer with extensive experience of digital assets, covering everything related to the burgeoning crypto industry — from price analysis to Blockchain disruption. I have authored more than 2,000 stories for crypto and fintech media outlets. I am particularly interested in regulatory trends around the globe that are shaping the future of digital assets.
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Reading: Ethereum (ETH) Network Growth Soars As New Wallets Hit 4-Month High
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