Ethereum Daily Active Addresses Surge to 841,100, Hitting 1-Year High Before Price Dip 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.