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Market sentiment towards Ethereum (ETH) has turned relatively bearish, mainly due to cryptocurrency recent price volatility. This negative sentiment is evident in recent energetic Ethereum addresses, which have dropped by as much as 43%, highlighting reduced network activity and investor confidence.
Recent energetic addresses in the face of Ethereum’s decline
Data with The Block shows noticeable fluctuations Ethereum network activityas the number of recent energetic addresses has seen a keen, unexpected decline over the past three months.
June 27 recent energetic addresses in the Ethereum network rose to 138,620 before dropping dramatically to around 89,000 in the first weeks of July. While volume hovered between 80,000 and 95,000 in August, it soon rose above 100,000 again at the end of the month.
Even though Ethereum is experiencing significant changes an augment in its price recently, on September 24, the number of recent energetic addresses in its network dropped to 78,100, a decline of 23.43%. Currently, the number of recent energetic addresses on Ethereum network is still below 80,000, reflecting a more than 44% decline compared to the last three months.
Compared to June 9, when the total number of energetic The number of addresses in the Ethereum network has increased impressively up to 702,857, has the current number of addresses rejected by 5.69%. Moreover, on September 22, the total number of energetic addresses dropped dramatically to 574,073, down 18.32% from the previous record on June 9.
Typically, when a crypto network experiences a decline in the number of recent energetic addresses, it indicates a decline in user engagement, which leads to a decline in overall network activity and transaction volume. This decline is apparent, among others, data provided by IntoTheBlock, which shows that the sum volume of gigantic transactions on the Ethereum network increased to 2.91 million on July 5, but dropped to 1.79 million on September 29, reflecting a decline of 38.4%.
Despite a significant decline in the number of recent energetic addresses on Ethereum, a market intelligence platform, Santiment has revealed that Ethereum network activity is finally increasing. However, the augment in network activity is also accompanied by a significant augment in gas fee rates.
ETH loses top spot in DEX volume rankings
September 25 Ethereum lost its position as the most popular cryptocurrency with the highest 24-hour volume on a decentralized exchange (DEX). Solana (NO) outperformed Ethereum, taking first place with a 39.77% augment in DEX volume, which rose to $1.123 billion.
During this time, Ethereum DEX volume was approximately $1.118 billion after recording a modest growth of 8.92%. While Solana briefly came into the spotlight, Ethereum quickly rebounded and has maintained its leading position ever since.
As of this writing, the cryptocurrency’s 24-hour DEX volume has increased by 11%, reaching $1.559 billion, according to DeFiLama. Solana, on the other hand, saw a much larger augment of 32.94%, but its volume is still lower than Ethereum’s volume at $1.251 billion.
Featured image created with Dall.E, chart from Tradingview.com