Ethereum Sees Record New Wallet Surge Amid Fusaka Upgrade

Ethereum has experienced a record surge in new wallet creation, averaging 327,000 daily, largely driven by the recent Fusaka upgrade and increasing interest in DeFi and NFTs.

This surge highlights heightened Ethereum adoption and significant ecosystem expansion, marked by its influence on market sentiment and potential speculation around crypto investments.

Fusaka Upgrade Drives Unprecedented Wallet Growth

The technical improvements brought by the Fusaka upgrade have made Ethereum more accessible, resulting in an influx of new wallets daily. This surge marks a significant daily record high of 393,600 on January 11, as reported by Santiment.

Ethereum’s appeal is expanding, attracting new users engaging for the first time and diversifying beyond traditional peer-to-peer transactions. This evolution is seen as a fundamental shift in how users interact with Ethereum.

Market reactions to the growth have been largely positive. Santiment analysts highlighted the lowered fees and increased network efficiency as key factors in this growth. However, the increased retention of new addresses suggests a sustainable user base expansion.

Ethereum’s Surge Outpaces DeFi Summer and NFT Boom

Did you know? Ethereum’s daily new wallet creation during this surge outpaces both the DeFi Summer of 2020 and the NFT boom of 2021, demonstrating a broader ecosystem growth driven by non-speculative usage.

Ethereum (ETH) currently trades at $3,311.92 with an impressive market cap of $399.73 billion, representing 12.36% market dominance. Over the past month, Ethereum’s price increased by 12.77%, with a notable 6.36% gain over the last week. Daily trading volumes reach $25.79 billion, although recently down by 16.68%, as noted by CoinMarketCap.

The Coincu research team forecasts that the sustained growth in new wallets and investments in DeFi and NFTs will potentially drive further regulatory attention and technological innovations. As the staking trend continues, Ethereum’s network expansions hint at increased stability and user base growth.