Incredible: Ethereum Network Attracts Over 70,000 New Addresses Ahead of Merger

The upcoming Ethereum merger is considered a major event for crypto projects. The community sees this as an important factor in rallying the price of ETH in the future. Therefore, as the merger date of September 15 approaches, the Ethereum network is attracting a significant increase in activity.

According to data from Ethereum-focused blockchain research firm Etherscan, the network has 204,571,827 total wallet addresses as of September 2. Similarly, the research firm saw the total number of addresses at 202,361,298 on August 2, an increase of 2,210,529, meaning the network added more than 70,000 unique wallet addresses per day to the course of the last 30 days.

Also read: Cannabis producers could use crypto-currencies after the refusal of the banks

The number of addresses does not indicate the number of people who have joined the network. This is because individuals may have two or more wallets that do not remain active simultaneously.

The Ethereum network records wide interaction before the merger.

Unlike the actions of falling ETH price at that time, the addresses of miners in the network also increased. As Ethereum miners are racing to earn ETH through mining before the highly anticipated merger takes place. This may interest you: Prediction: Will Ethereum 2.0 save ETH price from another 25% drop?. Ethereum’s transition to a proof-of-work mechanism via the upgrade will make mining more difficult and less profitable than before.

The increase in the number of addresses shows that cryptocurrency enthusiasts expect price increases ahead of the merger. At least the depressed market showed broader interest in the second largest cryptocurrency by the market and got involved with it at the right time.

Notably, the price of Ethereum recorded short-term rallies in August after the announcement of the merger. But market volatility again drove the price down.

Additionally, a glassnode report from August 30 revealed that Ethereum network wallet addresses in losses had reached a new high in the seven-day moving average at 38,001,366. Given this, ETH price moves to see after the merger become more interesting.

What do analysts predict after the upgrade?

Global analysts and industry experts have appeared to offer their thoughts on the much-talked-about effect of the upgrade. See also: This good news for the TRON crypto that makes investors optimistic about a rise in price!. Some see the price of ETH making higher gains post-merger, while others make opposite predictions.

The founder of crypto lending platform Nexo, Antoni Trenchev, said in an interview on August 22 that the Ethereum merger does not guarantee price pumps, but there is still a possibility of high gains. However, he noted that price gains depend on the merger’s initial success.

Citing the upward price movements seen after the announcement of the merger, Mr. Trenchev added;

“We’ll have to wait and see, but it really depends on how quickly the new network picks up customers and transactions, because then it becomes a positive feedback loop where it could go much higher. »

Also Read: Report Finds Bitcoin Mining Consumes Less Power Than Gaming.

Separately, Arthur Breitman, founder of Ethereum competitor Tezos blockchain, said that the Ethereum merger will have no impact on the network, as all blockchains have already switched to Proof-of- stake.

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Thomas E.
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Incredible: Ethereum Network Attracts Over 70,000 New Addresses Ahead of Merger

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