Ethereum (CRYPTO: ETH) saw a massive surge in transaction volume on Thursday. On-chain clues led analysts to the root cause behind the sudden uptick in activity.
What Happened: On July 28, Ethereum’s daily active addresses surged above one million for the first time in six years.
The last time the network saw such a sharp surge in daily address activity was when ETH underwent a DDoS (distributed denial-of-service) attack in 2016.
CoinMetrics analyst Kyle Waters looked into the blockchain data and was able to conclude that the reason behind the uptick in activity did not warrant any real reason for alarm or optimism.
2/ The first clue is looking at the number of active …
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