In anticipation of a merge, the Ethereum network attracts more than 70,000 new addresses.

An important cryptocurrency project event is regarded as the forthcoming Ethereum merger. The community believes that this will play a big role in driving up the price of ETH in the future. As a result, the Ethereum network is experiencing a sharp surge in activity as the merging date of September 15 draws near.

Etherscan, a blockchain research company specializing on Ethereum, reports that as of September 2, the network has a total of 204,571,827 wallet addresses. Similar to this, on August 2, the research company estimated that there were 202,361,298 total addresses. It indicates an increase of 2,210,529, indicating that over the course of the last 30 days, the network generated more than 70,000 new wallet addresses each day.

The number of addresses does not always correspond to the number of network participants. This is due to the possibility of having many wallets, none of which are active at the same time.

Ahead of the merger, Ethereum Network Records Broad Interaction.

During that moment, the price of ETH decreased, while miners’ addresses grew. Because before the widely anticipated merger, Ethereum miners scramble to earn ETHs by mining. With the update, Ethereum will switch to a proof-of-work system, making mining more challenging and unprofitable than before.

The increase in addresses indicates that cryptocurrency aficionados anticipate price increases before the merger. At least the slumping market has demonstrated a greater interest in the second-largest cryptocurrency by market and entered into it at the appropriate moment.

Notably, following the announcement of the merger, Ethereum’s price saw brief spikes in August. But the price fell once again as a result of general market instability.

Additionally, a glassnode analysis on August 30 showed that the number of wallet addresses on the Ethereum network that were losing money had reached a new high in the seven-day moving average at 38,001,366. Given that, it will be fascinating to observe how the price of ETH changes following the merger.

What Analysts Anticipate Following The Upgrade?

Global analysts and business authorities have reportedly expressed their views on the impact of the much-discussed update. Some predict that following the merger, the price of ETH would increase, while others predict the opposite.

The Ethereum merger does not ensure price rises, but there is still a chance of significant gains, according to Antoni Trenchev, the founder of the cryptocurrency lending site Nexo, who made this statement in an interview on August 22. He did point out that price increases are contingent on the merger’s first success.

Trenchev furthered by pointing to the optimistic market movements observed after the merger announcement;

We’ll have to wait and watch, but it really relies on how quickly the new network attracts users and transactions because if that happens, a positive feedback loop might lead prices to rise significantly.

As an alternative, Arthur Breitman, the creator of Ethereum’s rival Tezos blockchain, claimed that the network will not be impacted by the Ethereum merger because all blockchains have already switched to Proof-of-stake.

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