Ethereum Daily Active Addresses Surge to 841,100, Hitting 1-Year High Before Price Dip Below $3,500
Main Idea
Ethereum's daily active addresses surged to a one-year high of 841,100 on August 2nd, 2024, driven by increased network participation and DeFi activity, but the ETH price subsequently dropped below $3,500.
Key Points
1. Ethereum’s daily active addresses reached 841,100 on August 2nd, 2024, marking a one-year peak.
2. The surge in active addresses was attributed to increased network participation and DeFi activity.
3. Following the surge, the ETH price fell below $3,500, indicating an inverse correlation between user activity and market sentiment.
4. COINOTAG analysts suggest the price drop may reflect short-term profit-taking or macroeconomic pressures.
5. Sustained network engagement, including NFT launches and dApp adoption, could contribute to long-term value growth despite short-term price volatility.
Description
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