Despite the cryptocurrency market alternating between red and green, struggling to hit a bullish streak, one of its major assets – Ethereum (ETH) – has been continuing to accumulate hundreds of thousands of new addresses.
Specifically, the network has been adding around 500,000 new addresses each week, surpassing 200 million cumulative addresses, according to the data on the crypto analytics platform Dune retrieved by Finbold on June 8.
Indeed, the chart above demonstrates that the total number of addresses on June 6 amounted to 207,606,780, as it has been adding an average of 500,000 new addresses weekly over the past few months. The dashboard was assembled by Dune’s data scientist Hildebert Moulié aka Hildobby.
Other Ethereum metrics in downfall
At the same time, Ethereum’s total value locked (TVL) in decentralized finance (DeFi) shrunk 35% in May in spite of the increase in new addresses, as Finbold reported earlier. On top of that, its market capitalization dominance has also declined sharply, dropping to 17.74% on June 6, the lowest since October 2021.
CURATED FROM:
Nicenko, A. (2022, June 8). Ethereum adds 500,000 new addresses per week despite sluggish market. Finbold. Retrieved June 9, 2022, from https://finbold.com/ethereum-adds-500000-new-addresses-per-week-despite-sluggish-market/
