A leading crypto analytics firm claims that address activity on Ethereum is increasing despite the recent sideways price movement of ETH.
In a new tweet, Santiment Remarks that the total number of ETH daily active addresses reached 592,000 on Wednesday, the highest amount since March 18.
“Ethereum address activity really picked up this week, with Wednesday’s 592,000 addresses being the highest number of unique interactions in over a month.”
Discussion of Ethereum on social media this week also hit its highest level in two months, according to the analytics firm.
ETH is trading at $2,960.14 at the time of writing after hitting a weekly high of $3,167.64 on Thursday. The leading smart contract platform was down 2.8% last week and 2.3% over the past 30 days.
Lucas Outumuro, head of research at blockchain intelligence firm IntoTheBlock, says in a new blog post which ETH printed nearly $800 million in net outflows last week.
According to the analytics company, the metric is calculated by subtracting net inflows from net outflows over a seven-day period.
Currency outflows can signal an accumulation phase, according to Outumuro.
Conversely, the crypto researcher also claims that Ethereum saw around $97.3 million in fees payable, down 14% from the previous week.
The total fee tracks “willingness to spend and demand to use” Ethereum, says Outumuro.
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