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Market sentiment towards ethereum (eth) has x.com/masonnystrom/status/1839347419563069670?s=46″ rel=”nofollow”>turned relatively bearish, largely due to cryptocurrency recent price volatility. This negative sentiment is evident in new active ethereum addresses, which plummeted by a whopping 43%, underscoring reduced network activity and investor confidence.
New active addresses on ethereum decline
ethereum?modal=newsletter” rel=”nofollow”>Data of The Block is showing notable fluctuations in ethereum network activityas the number of new active addresses has seen an unexpected sharp drop in the last three months.
On June 27, new ethereum-active-addresses-hit-2nd-highest-bottom/amp/” rel=”nofollow”>active addresses on the ethereum network rose to 138,620 before falling sharply to around 89,000 in the first weeks of July. While volume fluctuated between 80,000 and 95,000 in August, it soon exceeded 100,000 again by the end of the month.
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Even though ethereum experienced a significant rebound in price Recently, new active addresses on its network fell to 78,100 on September 24, which is a drop of 23.43%. Currently, the number of new active addresses in ethereum-network-growth-price/” rel=”nofollow”>The ethereum network is still below 80,000, reflecting a drop of more than 44% in the last three months.
Compared to June 9 when the active total addresses on the ethereum network increased impressively at 702,857, the current number of addresses has ethereum-activeaddresses.html#3m” rel=”nofollow”>refused by 5.69%. Furthermore, on September 22, the total active address count fell sharply to 574,073, underscoring a decline of 18.32% from the previous high on June 9.
Typically, when a crypto network experiences a drop in its new active address count, it indicates a decrease in user engagement, leading to a decrease in overall network activity and transaction volume. This decrease can be observed in the eth/deep-dive?group=all&chart=all” rel=”nofollow”>data provided by IntoTheBlock, which shows that the total large transaction volume on the ethereum network increased to 2.91 million on July 5, but decreased to 1.79 million on September 29, reflecting a drop of 38.4%.
Despite the significant drop in new active addresses on ethereum, a market intelligence platform, Santiment has x.com/santimentfeed/status/1839480574710305106?s=46″ rel=”nofollow”>revealed that ethereum network activity is finally recovering. However, this increase in network activity also coincides with a significant increase in gas tariff levels.
eth loses top spot in DEX volume rankings
On September 25, ethereum x.com/0xgumshoe/status/1838887669130051634?s=46″ rel=”nofollow”>lost his position as the crypto-data-shows/” rel=”nofollow”>top cryptocurrency with the largest 24-hour decentralized exchange (DEX) volume. Solana (SUN) had surpassed ethereum, claiming the top spot with a 39.77% increase in its DEX volume, which amounted to $1.123 billion.
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At the time, ethereum DEX volume was approximately $1.118 billion after recording a modest 8.92% increase. While Solana briefly stole the spotlight, ethereum quickly recovered and has since maintained its leading position.
At the time of writing, the cryptocurrency's 24-hour DEX volume has arose 11%, reaching $1,559 million, according to DeFiLama. In contrast, Solana saw a much larger increase of 32.94%; However, its volume is still below that of ethereum with 1,251 million dollars.
Featured image created with Dall.E, chart from Tradingview.com
