The historic Merge upgrade on the Ethereum (ETH) network is yet to trigger a substantial price rally for the second-ranked cryptocurrency by market capitalization. However, the bullish environment created by the upgrade appears to be part of the catalyst driving users to the platform.
In particular, since the Merge upgrade on September 15, Ethereum has managed to add about 86,945 unique addresses daily. During the upgrade, the addresses stood at 205,410,380, while on October 14, the figure stood at 208,018,737, according to data retrieved by Finbold from Etherescan.
Generally, the new unique addresses indicate that more people are showing interest in Ethereum as they attempt to explore the network that continues to record growth in use cases like decentralized finance (DeFi).
The Merge impact on Ethereum
Notably, the Merge upgrade that transitioned Ethereum to the Proof-of-Work (PoS) protocol has the potential to make Ethereum a deflationary asset. The ability to act as a store of value is interesting to most investors, especially in the current macroeconomic environment characterized by skyrocketing inflation and interest rate hikes.
It is worth noting that the unique addresses are among Ethereum’s metrics to record positive gains after the Merge. Notably, a Finbold report on October 10 indicated that Ethereum experienced a rise in new addresses on October 8, with 135,780 new addresses joining the network. The figure was the highest since December 7, 2021.
At the same time, Ethereum’s social activity has declined after the upgrade, recording 8.46 million social mentions and 24.07 billion social engagements as of October 6.
Ethereum’s price post-Merge
Although there was a projection that the upgrade would inspire an instant rally in Ethereum and the general crypto market, so far, it has turned out to be a ‘buy the rumor, sell the news‘, event.
Overall, the Ethereum community is anticipating growth in the asset’s utility and price. However, the price continues to be at the mercy of bulls and bears as they struggle to take charge. By press time, ETH was valued at $1,310, gaining by almost 8% in the last 24 hours.
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