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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Here’s How Long The Majority Of New Ethereum Wallets Are Used Before They’re Dumped

Scott Matherson
Scott Matherson
2 years ago
2 mins read
Cryptocurrency Ethereum

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Ethereum is currently the leader in decentralized finance, non-fungible tokens, and smart contracts, and it continues to maintain its position as the dominant cryptocurrency in the altcoin market. This has led to Ethereum having the highest rate of creation of new addresses when compared to the other blockchains. However, data suggests most of these new addresses are dumped just after a few days. 

New Ethereum Wallets Are Used for Only a Short Time

Ethereum is second to Bitcoin in terms of unique addresses. Ycharts estimates put the number of unique addresses on the Ethereum network to around 239.62 million. However, on-chain transaction data shows that if you’ve just created a new Ethereum wallet, chances are you won’t be using it for long. 

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According to crypto data analyst Jack Gorman, over 70% of new Ethereum wallets are used for less than 30 days before the owners stop transacting completely. While taking to a customized graph on Dune Analytics, a blockchain ecosystem analytics platform, the data analyst noted the rate of creation and abandonment of new Ethereum addresses.

The data show that Ethereum has one of the highest rates of new addresses, with 2 million new wallets per month. In the past year alone, more than 26.69 million wallets were created. However, most new addresses display minimal activity, with 66% only active for one day and 95.5% being active for less than ten days. For instance, in May 2023, 2.41 million addresses were created, with only 6.91% making transactions after 30 days. 

Ethereum (ETH)  price chart from Tradingview.com

ETH price sitting at $1,876 | Source: ETHUSD on Tradingview.com

Overall, monthly active addresses total around 4.5 million to 7 million. This means that most wallets don’t last long, and only 1.9 million are active for more than 10 days. Fewer addresses are used frequently and long-term, with only 400,000 addresses completing more than 100 transactions in the past year.

Why Are There So ETH Addresses?

Ethereum has had one of the most impressive adoption rates in recent years. The creation of new addresses provides valuable insights into improving adoption and longevity, and the creation and abandonment of addresses can be traced to airdrop hunters. Airdrop hunters create multiple addresses with the sole aim of farming ERC-20 tokens from airdrops. 

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While the retention rate of new wallets is really low, Ethereum is blessed with various holders, including smart contract addresses and centralized exchanges. The Eth2 Beacon Deposit Contract has the largest address, boasting more than 27.6 million ETH and a 22.9% stake in the network.

Featured image from iStock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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