Ethereum is on the right track to Merge, as it meets more milestones. Blockchain will be transformed by the move to proof-of-stake. Users of the blockchain have increased their activity as the merger date draws nearer. The staking queue is one of the areas where Ethereum has seen an increase in activity. It’s now at its highest point.
Ethereum Staking Queue Exceeds 300,000
It is an indicator of users’ views on the Ethereum network. If this queue is very low, it could indicate that investors are more willing to invest on Ethereum. This number rising indicates that Ethereum users begin to look more favorably at the network.
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The queue is increasing in recent years and has nearly reached the previous peak as of March 17th. In June 2021, when the bull rally was in full swing, it had reached a record high of 330K. This number fell with the market’s subsequent downtrend. The market recovered only to resume its recovery in August the following year.
Source: ETHUSD on TradingView.com| Source: ETHUSD on TradingView.com
As for 2022, the number had been steadily growing but hadn’t seen any significant boost. The boost occurred two weeks ago, in March. number of wallets on the queue crossed 300K. The Balance Validators status recorded the greatest increase.
What Does this Mean?
For a network like Ethereum, beating and setting new records aren’t a new thing. Like any other thing though, this high interest is sure to have an impact upon the network and on its price. This means that there are more wallets than ever available for stake on the network and they are still waiting to be activated. If this large number of wallets is given permission to stake, the coins will disappear from current circulation.
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It takes 32 ETH to make a wallet eligible for the network’s validation. This means that approximately 1,000,000 ETH coins, the Ethereum minimum staking period, will be kept for three months after these queue wallets are activated.
Here’s a glimpse past chartsThis shows how times such as these have been associated with an increase in ETH’s price. There was one exception to this rule. This happened during November’s rally, when ETH hit a new peak above $4,000.
Despite this, the temporary halting of ETH circulation will most likely have a positive effect on the currency’s value, driving it towards its previous peak.
Featured Image from MARCA chart by TradingView.com