Ethereum’s Booming Usage Could Spark ETH Drop: Here’s Why

High Levels of Network Activity Ever since the perpetrators of the PlusToken Ponzi transferred 790,000 ETH to an address associated with mixer deposits, the network activity of this altcoin exploded. Larry Cermak, Director of Research at The Block, believes that such an impressive increase in the number of addresses holding Ether is not related to increasing adoption, but in fact, it has to do with PlusToken.

(Source: Santiment)A similar spike was registered in the number of daily addresses on the Ethereum network, according to Santimet. “The number of daily addresses interacting with ETH has spiked in the past 24 hours to a 2-YEAR SINGLE DAY HIGH of 486,000 addresses!.

Timeline of Ethereum