According to ChainCatcher, Jasper De Maere, head of research at Outlier Ventures, said that as market conditions improve, Ethereum's on-chain activity may increase significantly. This activity is mainly driven by speculation and increased participation in decentralized applications.

De Maere said: "As the market fluctuates, we will see a surge in Ethereum on-chain activity, so there is obviously speculation, and then dApp activity drives on-chain activity. I would say this will still be driven by speculation, and dApp activity will be maintained through airdrops, as many companies will hold token generation events (TGE) and enter the mainnet."