ETH Wallets Activity and Talks Hit Month Highs: The Merge Effect?
2022.04.22 12:05
ETH Wallets Activity and Talks Hit Month Highs: The Merge Effect?
- Ethereum’s daily active addresses hit a month high this Wednesday.
- Social discussions on Ethereum also spiked, reaching a two-month high.
- The uptick in wallet activity and social discussions may be attributed to the upcoming Ethereum Merge.
Ethereum address activity saw a huge uptick this week, with over 592k unique wallet interactions on Wednesday, reports behavior analysis firm Santiment, adding that web discussions on ETH have peaked at their highest levels in over two months.
#Ethereum‘s address activity really picked up this week, with Wednesday’s 592k addresses being the highest number of unique interactions in over a month. Meanwhile, social discussion for $ETH has hit its highest levels in over two months. https://t.co/4xsQLD8VaN pic.twitter.com/2pwlN1lXUa
— Santiment (@santimentfeed) April 22, 2022
According to Santiment’s metrics platform, Ethereum’s (ETH’s) daily active addresses (DAA) has hit its highest marks since March 18. Meanwhile, the crypto community has been very vocal about Ethereum, as claimed by Santiments.
ETH Social Volume (18019) and Dominance (15.57%) reached their highest numbers since February 20 of this year. This simply means that the crypto community has been very active in Ethereum discussions on social platforms, including Twitter (NYSE:TWTR), Telegram, and Reddit.
Although the metrics tracker did not cite the reasons behind these spikes, the rise in Ethereum address activity and talks may be attributed to the approaching “The Merge,” among other factors.
Earlier this week, Ethereum developer Tim Beiko said that Ethereum’s shift from PoW to PoS is “likely” to happen during the later months of the third quarter of 2022. A report from Bloomberg also surfaced where it estimated that a 9% ETH staking yield and -2% reduction will happen post-Merge.
Furthermore, the price of GPUs for Ethereum mining continues to drop ahead of the change that would make ETH mining obsolete. Meanwhile, Ethereum Foundation DevOps expert Parithosh Jayanthi updates his followers from time to time regarding what “Testing The Merge team has been up to.”
“The aim of the Kiln merge testnet was to allow the community to practice running their nodes, deploying contracts, testing infrastructure, etc.,” explained Jayanthi in a tweet. “We hope it’s helping the community get a sense of the post-merge world!”
As reported in a previous article by CoinQuora, Ethereum’s The Merge is so huge of a change that it would virtually change the blockchain ecosystem. The public can only wait for it to happen to know if the move will make or break the industry.
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