Ethereum Seeing Waning Address Activity

According to data provided by Santiment, Ethereums active addresses have plunged to a four-month low.

This comes a little more than a month after the second-largest blockchain transitioned to the proof-of-stake consensus algorithm. This suggests that the hype surrounding the much-anticipated upgrade hasn’t materialized just yet.

On Monday, Ethereum recorded less than 400,000 addresses on the network, which is the lowest level since June 26.

In the meantime, the price of the ETH token has now slipped below the $1,300 level.

In late July, Ethereum recorded a massive spike in active addresses, but it wasn’t related to adoption metrics.

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