Ethereum wallet creation hits record amid upgrades and rising activity

Ethereum wallet creation has surged to record levels following a mix of network upgrades, stablecoin activity and improving crypto sentiment.

An average of 327,000 new wallets were created each day over the past week, according to Santiment analysts.

Sunday recorded the highest single-day figure on record, with more than 393,000 new wallets created.

Analysts said rising wallet numbers often indicate new users, developers or institutions entering the ecosystem.

The total number of non-empty Ethereum wallets has climbed to a new all-time high of 172.9 million.

Ether rose about 7.5% in the past 24 hours, trading around $3,330 after moving between $3,068 and $3,292 over the last week.

Santiment said the Fusaka upgrade in December helped lower fees and made interacting with the network easier.

This reduced fees and made interacting with apps and rollups smoother, encouraging many new users to open wallets.

Santiment analysts said.

Analysts also pointed to a shift in market sentiment from negative to neutral and positive in mid-December.