Image default
Blockchain

Active Addresses of Ethereum Hit Monthly High with $22B Being Staked before the Merge

Ethereum (ETH) continues to be at the centre stage after present process its greatest software program improve referred to as the Merge, which noticed a transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. 

Active ETH addresses have skyrocketed after hitting a month-to-month excessive. Market perception supplier Glassnode explained:

“The number of active ETH addresses (7d MA) just reached a 1-month high of 31,498.220. Previous 1-month high of 31,459.899 was observed on 17 August 2022.”

Image

Source: Glassnode

With weekly social engagement ranges surging by 53%, lively addresses have been deemed to extend primarily based on the hypothesis triggered by the much-anticipated Merge.

Nevertheless, Santinent acknowledged that there was heavy dominance of two addresses. The crypto analytic agency stated:

“According to our Ethereum Post Merge Inflation dashboard, 46.15% of the proof-of-stake nodes for storing data, processing transactions, and adding new #blockchain blocks can be attributed to just two addresses. This heavy dominance by these addresses is something to watch.”

On the different hand, hodlers had closely staked in the Ethereum 2.0 deposit contract previous to this occasion. Crypto analyst Ali Martinez pointed out:

“ETH hodlers have staked more than 13.7 million ETH in the Eth2 Contract ahead of the Ethereum Merge, that’s more than $22 billion.”

Image

Source: Glassnode

After the Merge went stay, it didn’t set off a bullish momentum in the Ethereum community as anticipated. The second-largest cryptocurrency was down by 9.69% in the final 24 hours to hit $1,458 throughout intraday buying and selling, in accordance with CoinMarketCap.

Therefore, Ethereum wants to carry the present stage to keep away from a slip to $1,000. Market analyst Matthew Hyland stated:

“Ethereum is currently sitting on the neckline of the Head and Shoulders pattern Breakdown Target: $1000.”

Image

Source: TradingView/MatthewHyland

Therefore, time will inform how Ethereum performs out in the post-Merge period.

Image supply: Shutterstock

Related posts

BIS to Explore Potential Advantages of Defi on Small & Medium Enterprises in H.K.

Crypto Advisor

Belgian Lawmaker Elected as the First European Legislator, Accepting Salary in Bitcoin

Crypto Advisor

WWE Inks Deal with Fanatics to Offer Fans an Enhanced NFT Experience

Crypto Advisor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

bitcoin
Bitcoin (BTC) $ 19,395.03 0.63%
ethereum
Ethereum (ETH) $ 1,334.87 0.74%
tether
Tether (USDT) $ 0.999058 0.15%
usd-coin
USD Coin (USDC) $ 1.00 0.10%
bnb
BNB (BNB) $ 282.62 1.29%
binance-usd
Binance USD (BUSD) $ 1.00 0.36%
cardano
Cardano (ADA) $ 0.433209 1.03%
xrp
XRP (XRP) $ 0.434961 0.80%
polkadot
Polkadot (DOT) $ 6.37 0.85%
solana
Solana (SOL) $ 33.82 1.19%
shiba-inu
Shiba Inu (SHIB) $ 0.000011 1.17%
dogecoin
Dogecoin (DOGE) $ 0.060005 1.19%
staked-ether
Lido Staked Ether (STETH) $ 1,331.74 0.78%
matic-network
Polygon (MATIC) $ 0.753275 0.85%
tron
TRON (TRX) $ 0.059853 0.53%
dai
Dai (DAI) $ 1.00 0.49%
avalanche-2
Avalanche (AVAX) $ 17.19 0.24%
ethereum-classic
Ethereum Classic (ETC) $ 27.44 0.88%
leo-token
LEO Token (LEO) $ 4.18 0.33%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 19,410.90 0.45%
uniswap
Uniswap (UNI) $ 6.36 0.44%
litecoin
Litecoin (LTC) $ 53.49 0.11%
cosmos
Cosmos Hub (ATOM) $ 12.60 2.92%
okb
OKB (OKB) $ 15.64 0.90%
ftx-token
FTX (FTT) $ 24.16 0.93%
terra-luna
Terra Luna Classic (LUNC) $ 0.000277 1.47%
near
NEAR Protocol (NEAR) $ 3.56 0.50%
chainlink
Chainlink (LINK) $ 7.82 1.08%
crypto-com-chain
Cronos (CRO) $ 0.110672 2.04%
monero
Monero (XMR) $ 147.75 0.33%
stellar
Stellar (XLM) $ 0.108274 1.09%
bitcoin-cash
Bitcoin Cash (BCH) $ 115.81 1.52%
algorand
Algorand (ALGO) $ 0.343251 0.77%
flow
Flow (FLOW) $ 1.73 5.32%
vechain
VeChain (VET) $ 0.023284 1.84%
eos
EOS (EOS) $ 1.21 4.98%
internet-computer
Internet Computer (ICP) $ 6.09 0.74%
filecoin
Filecoin (FIL) $ 5.71 2.47%
chain-2
Chain (XCN) $ 0.07465 3.53%
frax
Frax (FRAX) $ 0.99925 0.03%
hedera-hashgraph
Hedera (HBAR) $ 0.057455 0.87%
decentraland
Decentraland (MANA) $ 0.699695 0.62%
apecoin
ApeCoin (APE) $ 5.38 0.11%
the-sandbox
The Sandbox (SAND) $ 0.838752 1.32%
tezos
Tezos (XTZ) $ 1.42 0.95%
quant-network
Quant (QNT) $ 134.29 0.29%
axie-infinity
Axie Infinity (AXS) $ 12.47 0.24%
aave
Aave (AAVE) $ 76.12 0.91%
lido-dao
Lido DAO (LDO) $ 1.59 2.13%
elrond-erd-2
Elrond (EGLD) $ 47.51 0.79%
theta-token
Theta Network (THETA) $ 1.08 1.31%
true-usd
TrueUSD (TUSD) $ 1.00 0.10%
chiliz
Chiliz (CHZ) $ 0.235407 3.66%
bitcoin-sv
Bitcoin SV (BSV) $ 48.99 1.54%
compound-usd-coin
cUSDC (CUSDC) $ 0.022633 0.18%
paxos-standard
Pax Dollar (USDP) $ 1.00 0.28%
kucoin-shares
KuCoin (KCS) $ 9.20 0.22%
bittorrent
BitTorrent (BTT) $ 0.00000077824251 0.39%
ecash
eCash (XEC) $ 0.000041 1.35%
the-graph
The Graph (GRT) $ 0.098393 0.77%
iota
IOTA (MIOTA) $ 0.290688 1.35%
zcash
Zcash (ZEC) $ 56.06 1.29%
huobi-btc
Huobi BTC (HBTC) $ 19,511.87 0.43%
usdd
USDD (USDD) $ 1.00 0.05%
huobi-token
Huobi (HT) $ 4.45 1.14%
evmos
Evmos (EVMOS) $ 1.53 13.16%
havven
Synthetix Network (SNX) $ 2.40 2.21%
cdai
cDAI (CDAI) $ 0.022058 0.20%
maker
Maker (MKR) $ 740.07 2.46%
bitdao
BitDAO (BIT) $ 0.47683 0.10%
klay-token
Klaytn (KLAY) $ 0.195925 0.49%
neutrino
Neutrino USD (USDN) $ 0.970078 1.11%
fantom
Fantom (FTM) $ 0.226107 0.78%
compound-ether
cETH (CETH) $ 26.68 0.61%
neo
NEO (NEO) $ 8.68 0.44%
helium
Helium (HNT) $ 4.94 7.26%
gatechain-token
Gate (GT) $ 4.28 0.50%
defichain
DeFiChain (DFI) $ 0.725531 0.52%
radix
Radix (XRD) $ 0.059632 1.96%
celsius-degree-token
Celsius Network (CEL) $ 1.47 0.89%
pax-gold
PAX Gold (PAXG) $ 1,652.90 0.16%
pancakeswap-token
PancakeSwap (CAKE) $ 4.90 1.73%
thorchain
THORChain (RUNE) $ 1.56 0.20%
osmosis
Osmosis (OSMO) $ 1.09 3.18%
zilliqa
Zilliqa (ZIL) $ 0.031063 1.74%
enjincoin
Enjin Coin (ENJ) $ 0.457556 1.10%
nexo
NEXO (NEXO) $ 0.926653 2.85%
arweave
Arweave (AR) $ 8.97 3.15%