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Ethereum seems to gain ground following immense losses after the post-Merge sell pressure. New data shows the leading altcoin recorded a massive surge in network growth. And that could be an optimistic development for ETH.

Data from crypto intelligence firm Santiment confirmed that Ethereum recorded a colossal surge in network growth. Moreover, the uptick was the highest since December last year.

An upsurge in this metric showed that new wallets that transacted ETH for the first time grew. That displays increased traction for the alternative token.

Too Much Goodness Here

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According to a cryptocurrency analytics firm Glassnode, new addresses joining the Ethereum blockchain hit a 4-month peak. Moreover, wallets with over 1 $ETH also grew, confirming that large wallet investors were entering the ETH network.

The network growth improvement and surge addresses reflected more individuals showing interest in Ether. Nevertheless, the network volume didn’t record much growth, regardless of the increased interest.

Glassnode’s graph shows ETH’s transaction volume recorded a sharp drop. Moreover, the ETH transaction count explored a 3-month low at 48.640 $ETH during this publication.

Besides the slumping volume, investors holding 0.01 tokens hit 7-month lows, showing retail investors could not be contributing to ETH’s soaring interest.

The faded interest from retailers might have emerged from ETH’s deteriorated activity on its social front. Santiment’s chart shows Ether’s social volume stayed flat over the month while weighted sentiment declined.

That showed the cryptocurrency market made more negative remarks about Ethereum than positive ones. Meanwhile, the spike on the chart might have emerged from the hype around ETH’s Merge. While writing these lines, ETH traded at $1,315.40, losing more than 0.87% within the day.

Also, Ethereum’s market capitalization declined by 0.8%, placing the asset’s market share at 17.18%. Meanwhile, Bitcoin continues its struggle beneath the $20K mark. While publishing this content, the bellwether crypto changed hands near $19,412.08, losing 0.06% over the past 24 hours.

Meanwhile, the marketplace presented mixed stances, with minor price movements in the previous day. For instance, XRP led the top ten gainers, surging around 3%.

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Franklin Smith

By Franklin Smith

Franklin Smith is a Senior Crypto Journalist and Analyst at Herald Sheets, with over seven years of experience in the cryptocurrency and blockchain industry. Known for his insightful articles and in-depth analysis, he is an influential voice providing valuable insights to investors and enthusiasts. Franklin holds a bachelor's degree in Journalism and Communications from the University of California, Berkeley.