Ethereum (ETH) Network Records Over One Million Transactions in a Day
Over recent months, digital assets like Ethereum (ETH) have experienced a bearish trend. Nonetheless, there are signs that the Ethereum (ETH) network could be on the verge of a positive trend 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 (ETH) network transactions as senders or recipients. This represents a whole lot of 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 Notably, around 640,000 Ether (ETH) were withdrawn from centralized exchanges during these transactions.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
Regardless of the recent spike in activity, the overall net activity on the Ethereum (ETH) network remains relatively subdued. This has resulted in a deceleration of the token-burn process enabled by Ethereum (ETH) Improvement Proposition (EIP) 1559.
As of now, Ethereum (ETH) is currently worth $1,619 on major spot platforms, reflecting a 1.3% increase in the previous 24 hours.
Hot Take: Ethereum (ETH) Network Witnesses Surge in Transactions
The Ethereum (ETH) network has experienced a whole lot of 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 (ETH) ecological system. Although while the net activity remains subdued overall, this development could potentially signal a positive trend price reversal for Ethereum (ETH). Traders and investors should closely monitor these trends and consider the implications for their strategies.
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