46,138 Ether [ETH] worth around $176.22 million at the altcoin’s current price have been added to circulation in the last month...
worth around $176.22 million, at the altcoin’s press time price, have been added to circulation in the last month, pushing the altcoin’s circulating supply to a 30-day high of 120.14 million ETH, data fromThe steady surge in the number of ETH coins in circulation means the altcoin’s supply is currently inflationary. This happens when the network witnesses a decline in user activity.
According to the on-chain data provider, as of 5 June, 361,200 addresses completed at least one single transaction on Ethereum. This represented a 14% drop from the 421,000 unique addresses transacting on the network on 8th May. In fact, during the period under review, the count of daily active addresses plummeted to a three-month low of 326,200 on 2nd June.
According to Artemis’ data, the last time the daily count of the number of Ethereum’s active addresses was this low was on 8th February.Interestingly, due to the 25% spike in ETH’s value during the period under review, total transaction fees on the Ethereum network did not decline. It rose, even amid the dip in user demand.While the chain has seen fewer users in the last month, its decentralized finance ecosystem has grown considerably.
The total value of assets locked across all DeFi protocols housed on Ethereum has grown by 25.38% in the past 30 days. This makes it the second blockchain, afterAbiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.Subscribe to get it daily in your inbox.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Solana beats Ethereum in key areas: Are investors turning away from ETH?Fees paid to validators on Solana outshined those on Ethereum. Will Ethereum be impacted negatively by this?
Read more »
– Examining whether ETH’s price will fall to $2,700 againEthereum’s [ETH] daily and weekly price charts remain green, but the trend might be short-lived as it might drop to $2.7k..
Read more »
Ethereum price prediction: Is $2500 the next bearish target for ETH?The Ethereum price prediction showed that a short-term move to $2840 was likely, with further losses expected in the coming days.
Read more »
Ethereum’s 28% drop: What happens if ETH’s $2,850 support fails?Leading altcoin Ethereum [ETH] is clinging to a crucial support level as its price trends within a descending channel.
Read more »
Ethereum supply up by 100,000: What about ETH’s ‘deflationary status’?The burn rate of Ethereum has reduced due to the decline in fees generated on the network and has increased ETH in supply.
Read more »
Ethereum ETF chances ‘slim to none’ as SEC considers ETH ‘security’Spot Ethereum ETFs fate hangs in the balance after revelation that SEC is officially considering 'security' tag for ETH as part of denial.
Read more »