In two days, the ETH network saw the largest expansion since October 2022.
The number of addresses holding between 0 and 0.1 #ScamRiskWarning units has increased significantly.
The #ScamRiskWarning [ETH] exchange rate continued its steep decline, dropping 3% below the $3,000 mark in the past 24 hours, CoinMarketCap data shows. The second-largest #cryptocurrency is currently trading at $2,914, reflecting a 13.34% drop over the month.
However, the negative price performance does not seem to be limiting demand for the asset.
According to data from analytics firm Santiment, Ethereum saw a surge in the number of new users joining the network, with some 266,600 new wallets created on April 28 and 29, marking the largest two-day expansion since October 2022.
Network expansion is one of the main indicators that can be used to determine whether a particular cryptocurrency is gaining or losing popularity. Attracting new users shows confidence in the long-term potential of ETH, disregarding short-term spikes.
Further investigation revealed that individual users are coming into play: analysis of Santiment data from AMBCrypto showed that addresses owning between 0 and 0.1 units of ETH rose significantly, while prices fell.
Interestingly, cohorts owning more than 1 ETH sold out, as evidenced by the decline in ETH holdings.
The aforementioned data suggests that retail buyers' interest in ETH is high, and a healthy inflow of funds from this segment could help drive prices higher in the next few days.
Driven by bets?
Many retail customers buying ETH may be attracted by the yields offered by ETH betting services.
At the time of writing, the total amount of ETH being bet on has reached 44.24 million, representing 36% of the total ETH in circulation, according to AMBCrypto data sourced from Glassnode.
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