Over the weekend, the seven-day moving average (7DMA) of new addresses on the Ethereum network reached a new low since December 2023, amounting to 81,914, according to Glassnode data.
A similar trend is observed in the average number of active addresses, which on August 2 reached a new low since January 2024. This decline may indicate a decrease in user activity on the network, which could be related to various factors, including changes in market conditions or user expectations.
Additionally, since the end of July 2024, the average daily number of transactions on the network has been declining. This drop may reflect a decrease in overall activity and transaction volume on the Ethereum network, which could also impact the network’s economy and its perception by users and investors.
Overall, the current data indicates a noticeable decrease in activity on the Ethereum network, which may require further analysis to understand the reasons and potential consequences for the cryptocurrency ecosystem.
