On January 28, 2025, on-chain analytics firm Santiment reported a significant spike in Ethereum's network growth, indicating increased adoption. Over the weekend, 206,290 new addresses were created, marking the highest daily wallet creation since October 2022.
This surge in new addresses reflects potential adoption, despite current negative sentiment towards ETH as other altcoins outperform it. While this growth is promising for the long-term prospects of Ethereum, the immediate impact on ETH's price, which has dropped approximately 7% to below $3,100, is likely to be minimal.