Ethereum Network Activity Hits Five-Month Low Amid Broader Crypto Slump

Ethereum's network activity has hit a five-month low, with transaction numbers plummeting to 1.12 million daily transactions over the past seven days.

This downturn comes amid a broader cryptocurrency market slump, where investor interest and trading activity have taken a hit.

The number of monthly transactions on the mainnet has dropped significantly, from a peak of 36.02 million in January to its current level.

Ethereum layer 2 solutions are picking up the slack, with Base network, backed by Coinbase, clocking an impressive 3.83 million transactions in a single day.