Ethereum (ETH) Sets Record With 267,000 New Wallets Created

Ethereum (ETH), has experienced an unprecedented surge in new wallet creations, adding a total of 267,000 new wallets.

Written by: Sophia Cruz • Monday, May 6, 2024 • 1 min read

• Last updated: Monday, May 6, 2024

Ethereum (ETH), has experienced an unprecedented surge in new wallet creations, adding a total of 267,000 new wallets. This surge, marking the largest inflow in over two years, signals renewed interest among crypto enthusiasts in the Ethereum ecosystem.

Ethereum (ETH) Sets Record With 267,000 New Wallets Created

The surge in wallet creations aligns with Ethereum’s recent milestone of surpassing the $3,000 mark. At this time of writing, Ethereum (ETH) is trading at $3,203, showing a 1.96% increase in the last 24 hours. This upward price movement underscores the growing popularity and confidence that traders and investors have in Ethereum.

An Ethereum ICO participant, who has been inactive for nearly nine years, has made the headlines by transferring a significant portion of 1,960 ETH, worth $5.87 million, from their wallet.

This individual initially acquired 1,969.488 ETH during Ethereum’s Genesis ICO period, showcasing a remarkable return on investment despite the cryptocurrency market’s volatility.

The substantial profit and return on investment achieved by the Ethereum ICO recipient emphasize the potential benefits of trading crypto and the significant wealth that can be generated through strategic investment and the long-term holding of promising coins.

The event exemplified the distinct characteristics of the Ethereum ecosystem, as notable price fluctuations, record-breaking wallet expansion, and intriguing wallet transactions seized the interest of both market participants and analysts.

Meanwhile, the Ethereum network has observed a decline in the daily amount of ETH burned, reaching its lowest point this year, primarily attributed to a recent decrease in average gas fees.

Presently, gas fees are fluctuating between 5 and 10 gwei, representing one of the lowest levels witnessed year-to-date, consequently impacting ETH issuance. The reduction in network fees has led to a decrease in the amount of ETH being burned. On Sunday, only 610 ETH were burned, setting a new record low for the year, as Ethereum’s gas fees remained low.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.