Over the past week, a remarkable average of 327,000 new Ethereum wallets have been created daily, attributed to a mixture of network enhancements and increased financial transactions.

This surge saw Sunday witness the historic creation of over 393,000 wallets in a single day, as reported by analysts from Santiment in a recent update. New wallet creation indicates fresh entrants into the ecosystem, including users, developers, and possibly institutions.

Currently, the total number of non-empty Ethereum wallets stands at 172.9 million, which is at an unprecedented peak.

As for Ether (​ETH​), its price is $3,330, reflecting a 7.5% increase in the last day.

According to Santiment, factors contributing to the unprecedented spike include the Fusaka upgrade, which made transactions cheaper and easier, thus enticing more users to engage with the network.

Analysts observed a shift in crypto sentiment from negative to neutral, correlating with a rise in retail participation.

The increase in stablecoin transfers on Ethereum also indicates strong utility for payments, bringing new participants into the space.

In terms of staking, more than half of Ethereum’s total supply is locked in staking contracts, emphasizing the network’s resilience and long-term commitment by holders. Exchanges like Binance and Coinbase represent large holders of Ethereum, further exemplifying the asset’s demand.