The Ethereum merge continues to drive speculation.
In a tweet on Wednesday, Santiment Feed reveals that on Tuesday, the Ethereum network set a new record for the number of daily active addresses, reaching 1.06 million, 48% higher than the previous record.
“Ethereum shattered records Tuesday after an incredible surge in address activity broke its All-Time High by a wide margin. 1.06M $ETH addresses made transactions, & the team is still investigating the cause of the +48% increase over the previous record,” Santiment tweeted.
? #Ethereum shattered records Tuesday after an incredible surge in address activity broke its #AllTimeHigh by a wide margin. 1.06M $ETH addresses made transactions, & the team is still investigating the cause of the +48% increase over the previous record. https://t.co/fRLNXkx0PR pic.twitter.com/oXhGvCTJef
— Santiment (@santimentfeed) July 27, 2022
While Santiment says their team is still investigating the cause of such an incredible sudden spike, the surge can be the result of the recent FOMC meeting where FED raised the interest rate by 0.75%; WuBlockchain on Thursday reports that the Ethereum merge remains the current focus of speculation in the crypto market following the market rally on Wednesday, that saw Ethereum gain more than 15%.
“Coingecko shows that in this round of gains after the Fed announced a 75bps rate hike, the Ethereum merge concept is still the main target of speculation,“ WuBlockchain tweeted.
Coingecko shows that in this round of gains after the Fed announced a 75bps rate hike, the Ethereum merge concept is still the main target of speculation, with LDO up 36% in 24 hours, ETC up 32%, and STETH up 15%. The 12-hour liquidation amount was $264 million.
— Wu Blockchain (@WuBlockchain) July 27, 2022
The highly anticipated Ethereum merge would see the migration of Ethereum to the proof-of-stake (PoS) Beacon chain, leaving Ethereum Classic as the largest programmable proof-of-work (PoW) network.
Notably, the merge promises to bring several benefits to the Ethereum network, including improved throughput and lower fees. It is tentatively scheduled to go live on the Ethereum main net on September 19.
On the other hand, Ethereum Classic (ETC) outperformed Ethereum once again as miners continue to migrate in the wake of the coming merge. On Tuesday, CoinDesk reports that AntPool CEO Leon Lv revealed that the mining pool had invested $10 million to support the development of the Ethereum Classic blockchain with plans to invest more, While Ethereum’s founder Vitalik says mining lovers can join ETC.
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