The Ethereum (ETH) network is still strong. A lot has happened on a fundamental level, with of course the Merge to the Proof of Stake (PoS) protocol as icing on the cake. The network is also seeing significant growth in new wallets!
Nearly 3 Million New ETH Wallets Since Merge
Although it may feel like we are not moving in crypto at this point, there are still signs that we are really growing. The Ethereum network has actually been growing constantly since its launch and the Merge has not changed that.
On the day of the Merge, there were 205,410,380 unique wallet addresses in the network. At the time of writing, almost a month later, the counter stands at 208,159,550. In short, 2.7 million new wallets were added during that period.
This means that an average of more than 90,000 new wallets have been added to the Ethereum network every day in the past month. With this, the network shows that it is still able to maintain considerable growth. It can be seen that growth has slightly decreased compared to last year, but this is not a significant decrease.
This may indicate that more people are joining the network. However, 1 unique wallet does not equal 1 new person. People and companies can of course create multiple wallets.
Ethereum price lags
Unfortunately, that growth is not reflected in the ETH price. Since the Merge, it has been more than 20% in the minus, as you have certainly already read in the ethereum news. It must of course be said that the overall crypto market is not doing well. Almost all prices are in the red during the same period.
But it buy the rumour, sell the news effect could certainly have had an impact here. Investors may have expected big improvements right after the Merge, but in reality not much has changed for the average user. In the future, updates are planned that should improve the speed and scalability of Ethereum.