• In Merge Anticipation, the Ethereum Network Attracts Over 70,000 New Addresses

  • The forthcoming Ethereum merger is being seen as a significant crypto project event. The community sees this as a crucial component in the upcoming rally of the ETH price. As the merging date, September 15, approaches, the Ethereum network is seeing a huge spike in activity.

    As of September 2, the network has 204,571,827 total wallet addresses, according to data from Ethereum-focused blockchain research firm Etherscan. Similarly, on August 2, the research firm estimated the total number of addresses to be 202,361,298. It indicates a 2,210,529 growth, implying that the network gained over 70,000 unique wallet addresses every day over the last 30 days.

    The number of addresses does not represent the number of persons that have joined the network. This is due to the fact that individuals can have two or more wallets that are not active at the same time.

    Before the merger, the Ethereum network records widespread interaction.

    Unlike the ETH price drops at the time, miners’ addresses on the network grew. Because Ethereum miners are rushing to mine ETHs before the highly anticipated merging. The change to Ethereum’s proof-of-work system will make mining more difficult and unprofitable than previously.

    The growing number of addresses indicates that cryptocurrency aficionados anticipate price increases ahead of the merger. At the very least, the depressed market has demonstrated a greater interest in the second-largest cryptocurrency by market capitalization and has become involved with it at the appropriate time.

    Notably, following the announcement of the merger, Ethereum’s price experienced short-term gains in August. However, market instability caused the price to fall once more.

    Furthermore, on August 30, a glassnode analysis revealed that the Ethereum network’s wallet addresses in losses had reached a new high in the seven-day moving average of 38,001,366. Given that, ETH price movements to see what happens after the merger become more interesting.

    What Do Analysts Expect Following the Upgrade?

    Global analysts and industry professionals have begun to weigh in on the impact of the much-discussed upgrade. Some predict that the ETH price would rise after the merger, while others predict the opposite.

    Antoni Trenchev, founder of the crypto lending site Nexo, remarked in an interview on August 22 that the Ethereum merger does not guarantee price rises, but there is still the prospect of huge gains. However, he noted that pricing benefits are contingent on the merger’s first success.

    Trenchev added, citing the optimistic market moves seen following the merger announcement;

    “We will have to wait out and see, but it really depends on how quickly the new network picks up customers and transactions because then it becomes a positive feedback loop where it could go much higher.”

    Alternatively, Arthur Breitman, the founder of Ethereum’s competing Tezos blockchain, stated that the Ethereum merger will have no effect on the network because all blockchains have already transitioned to Proof-of-stake.

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