Ethereum Network Records Over One Million Transactions in a Day
In recent months, digital assets like Ethereum (ETH) have experienced a bearish trend. However, there are signs that the Ethereum network may be on the verge of a bullish price reversal. On September 13th, the network saw an extraordinary surge in activity, with over one million transactions recorded in a single day.
The market intelligence platform Santiment reported that 1,089,893 unique wallets participated in Ethereum network transactions as senders or recipients. This represents a significant increase of 150-200% compared to the network’s typical record of 300,000 to 450,000 wallets. Notably, around 640,000 Ether (ETH) were withdrawn from centralized exchanges during these transactions.
Subdued Net Activity Slows Down Token-Burn Process
Despite the recent spike in activity, the overall net activity on the Ethereum network remains relatively subdued. This has resulted in a deceleration of the token-burn process enabled by Ethereum Improvement Proposal (EIP) 1559.
Currently, Ethereum (ETH) is trading at $1,619 on major spot platforms, reflecting a 1.3% increase over the past 24 hours.
Hot Take: Ethereum Network Witnesses Surge in Transactions
The Ethereum network has experienced a significant increase in transaction activity recently, with over one million transactions recorded in a single day. This surge indicates growing interest and participation within the Ethereum ecosystem. While the net activity remains subdued overall, this development could potentially signal a bullish price reversal for Ethereum (ETH). Traders and investors should closely monitor these trends and consider the implications for their strategies.
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