Wednesday, November 30, 2022
HomeCrypto NewsMarketHuge Breakout Coming? As Ethereum Surpasses Previous Network Highest Growth Day Of...

Huge Breakout Coming? As Ethereum Surpasses Previous Network Highest Growth Day Of 2022

- Advertisement -
Follow-Us-On-Google-News

 

Ethereum saw a surge in the number of new addresses created on Saturday.


A tweet by on-chain analytics firm Santiment Feed on Sunday disclosed that 135,780 new Ethereum addresses had been created on Saturday, surpassing the previous high of Jan 3rd by 11.1%.

According to Santiment, it will be unsurprising to see a price breakout following this surge.

“Ethereum saw a surge of new addresses created Saturday, with 135,780 new $ETH addresses popping up on the network,” Santiment tweeted. “This is 11.1% more network growth than the next highest of 2022 (Jan 3rd). Utility rises commonly foreshadow potential asset breakouts.”

Ethereum 135K new addresses in one day
Image Source: https://twitter.com/santimentfeed/status/1579186559483772928

While Santiment fails to explain the spike, users in the comment speculate that it may be due to the XEN crypto launch on the Ethereum network. The latest crypto project on Ethereum has attracted a lot of attention, with over 100k wallets minting the token. Notably, XEN currently accounts for over 40% of Ethereum’s gas consumption, according to data from Etherscan.

It bears mentioning that post-Merge, the Ethereum network has been unable to deliver on its promise to become deflationary. Notably, this has been widely due to the decreasing transactions in the bear market, leaving network inflation at about 0.21%. However, since the XEN launch on Saturday, this figure has declined and sits at about 0.13%.

XEN is a crypto project with no initial supply and no supply cap. It runs on a proof of participation consensus mechanism and allows users to mint tokens by paying gas fees alone.

Ethereum is currently trading at the $1,315.97 price point, about 2% up in the last seven days. The asset has been under selling pressure in recent weeks with increased inflow to exchanges. IntoTheBlock insights show that holders sent an additional $216 million worth of Ethereum to exchanges last week.

- Advertisement -
Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.