The Ethereum Merge upgrade is expected to attract more new users to the network, which is happening with the increase in new active wallet addresses on the platform.
- New Ethereum Active Wallet Addresses Climb to New ATH of 3,001.804
- ETH is seen to be skyrocketing in terms of social media posts and mentions
- ETH price is up 0.46% as of press time
According to a Twitter post by Glassnode shared on October 2, the number of new active wallet addresses on the Ethereum network recently rose to a new ATH of 3,001.804.
While it’s true that this screams investor interest in alternatives, the recent drop in market volume and sentiment seems to contradict everyone’s expectations thus far.
The number of new active wallet addresses on the Ethereum platform is expected to have declined in August and recovered since September.
The sudden rise in the number of ETH addresses has increased social metrics
The increase in the number of wallet addresses has also led to a rise in social media interaction with the altcoin. Ethereum showed a significant improvement of 4.63% in terms of social signals and also a 27.6% increase in social correlations.
The Merge game has caused quite a stir on social media especially in the last month, but the overall sentiment hasn’t been entirely positive. In fact, Ethereum is down in terms of weighted sentiment as we have seen in the past few days.
In addition, the value of ETH is also moving lower as we have seen in the past couple of days. The volume of altcoins declined from 13.45 billion on September 30 to just 6.03 billion on October 2.
On the bright side, even with the overall negative sentiment, Ethereum still managed to attract more altcoin whale investors. It is clear that the top 500 ETH whales have gained interest in investing and buying cryptocurrencies.
Ethereum’s momentum has shown some growth as we have seen in the past three days which indicates an increase in wallet transactions that include Ether.
Declining Ethereum Development Activity
Moreover, the altcoin has also received approval from Deutsche Telekom after it announced plans to roll out an Ethereum validator.
On the other hand, development activity on Ethereum has also been picking up which means less activity on GitHub.
However, the current market condition has affected Ethereum so negatively that the merger failed to meet expectations in terms of capital outflow.
Thus, despite the growth in wallet transactions and the rise in social media interactions, the price of ETH has not been able to keep up with the positive sentiment.
The coin is seen recovering a bit and is in the green lane as of publication. according to CoinMarketCapETH price is up 0.46% or trading at $1,304.30 as of this writing.
The ETHUSD pair is trying to break past the $1,317 level on the daily chart | Source: TradingView.com Featured image from Top Trend Coins, chart from TradingView.com