The Ethereum Merge upgrade should bring in new users. This is due to an increase of active wallet addresses.
- Ethereum’s new active wallet addresses climb to a new ATH of 3,001.804
- ETH seen to spike in terms of social media engagements and mentions
- ETH price up by 0.46% as of press time
Glassnode posted a tweet on October 2 that stated that there were 3,001.804 active wallet addresses added to the Ethereum network.
While it’s true that this screams a boost in investor interest in the alt, the recent plunge in market volume and sentiment seems to be in contrast to everyone’s expectations to date.
It is believed that the number of active wallet addresses has dropped to a minimum in August, but it has recovered significantly since September.
Spike in the Number Of ETH addresses Triggers Increase In Social Metrics
A spike in engagement on social media was also caused by the increase in wallet addresses. Ethereum showed a notable improvement in terms of social mentions, with a 4.63% increase and 27.6% respectively.
The Merge has created a lot of buzz on social media especially in the past month but the overall sentiment wasn’t purely positive. According to the latest data, Ethereum’s weighted sentiment is actually down.
ETH’s value is also moving down, as we have seen over the last few days. Altcoin volume fell from 13.45 Billion on September 30, to 6.03 Billion on October 2.
The bright side is that Ethereum managed to draw more whale investors despite the negativity of the public opinion. It is evident that the top 500 ETH whales were interested in purchasing and investing in crypto.
Ethereum momentum is showing some improvement as shown in the three previous days. It indicates an increase of wallet transactions involving Ether.
Ethereum Development Activity is Decreasing
Deutsche Telekom also approved altcoins after they announced that an Ethereum validater would be available.
The other side of the coin is that Ethereum’s development activity has been declining, which means there have been fewer people using GitHub.
Ethereum has been negatively affected by the current market conditions. The Merge was not able to fulfill expectations regarding capital outflow.
Consequently, despite the growth in terms of wallet transactions and the rise in social media engagements, the price of ETH wasn’t able to keep up with the positive sentiment.
It is believed that the coin is recovering a little and is currently in the green lane at publication. According to CoinMarketCapETH prices have risen by 0.46% and are currently trading at $1.304.30.
Source: TradingView.com| Source: TradingView.com Featured image taken from Top Trend Coins Chart from TradingView.com