Are memecoins behind Ethereum’s [ETH] increased network activity? The data suggests…

Are memecoins behind Ethereum's [ETH] increased network activity? The data suggests...

Moreover, the memecoin craze has considerably boosted network traffic on the Ethereum network. As per data from Santiment, the daily active addresses hit a 2-week high on 3 May.

A large chunk of these were new addresses. This was evidenced by the impressive network growth exhibited over the last few days.At the time of writing, ETH exchanged hands at $1,897.69, recording a 24-hour drop of 0.18%, perSince the beginning of May, ETH supply on exchanges started to decline while that outside of exchange wallets started to increase. This signaled that investors started to position themselves bullishly.

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