According to Glassnode, there are currently 3,001.804 new active wallet addresses on the Ethereum network, which is a new all-time high. Although the higher data might suggest that investor interest has increased, the recent decline in market volume and mood appears to be at odds with everyone’s expectations up to this point. It’s interesting to note that since September, the amount of new operational wallet addresses on the Ethereum platform has increased.
Even though The Merge generated a lot of talk on social media, especially in the previous month, not all of it was favourable. In reality, according to weighted sentiment over the past few days, Ethereum is down. It nonetheless managed to draw new whale investors despite the unfavourable public perception. The top 500 ETH whales are now more interested in making investments and purchasing cryptocurrencies.
However, the rise in wallet addresses also resulted in a surge in social media activity. Ethereum has seen a notable improvement, with a 4.63% increase in social mentions and a 27.6% increase in social engagements.
The momentum of Ethereum has changed over the last three days, pointing to an increase in wallet transactions using Ether. On September 30, the volume was 13.45 billion, but on October 2, it was just 6.03 billion down by 55.16%. However, the situation of the market has hurt Ethereum, since even the Merge fell flat in terms of capital flow.