Ethereum (ETH) price has declined but there is a rapid increase in new ETH addresses, the highest for 2022. What is driving a new high in network activity during the bear market?
The Ethereum network, after successfully transiting to the Proof-of-Stake consensus algorithm from the Proof-of-Work, is witnessing the highest network growth of 2022.
The growth is 11.1% more than the highest of 2022, according to the market intelligence platform, Santiment. The number of addresses holding 1+ ETH reached a new all-time high, according to the on-chain analytic platform Glassnode.
What drives ETH addresses to a new high?
The Ethereum news about the Merge upgrade can be seen as a driving factor. Various dApps have shifted to the Ethereum network, creating new addresses.
But there is a wide belief that the launch of a new cryptocurrency, XEN, is driving up the on-chain activity in Ethereum. It has accounted for over 25% of the network’s fees, worth over $900,000 in the past 24 hours, according to the data from Ether scan.
What is XEN?
XEN is designed by the Fair Crypto Foundation, which claims that it is Proof of Participation crypto. Whoever participates in XEN creation has full rights of ownership through self-custody. According to the lit
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