Ethereum's Record Network Activity Fails to Boost Token Price

Ethereum's network activity has reached unprecedented levels, with daily active addresses exceeding 2 million, according to analytics firm CryptoQuant. This surge in usage has not been accompanied by a proportional increase in the token price, which remains low, down over 55% from its peak in August 2025.

The discrepancy between on-chain usage and ether prices can be attributed to changes in how Ethereum operates. In the past, peak monthly fee revenue exceeded $500 million when virtually all activity occurred on Layer 1. However, today, economic value increasingly flows to Layer 2 operators and sequencers rather than to ETH holders directly.

Despite this shift, Ethereum hosts approximately $162 billion in stablecoin supply, accounting for about 52% of the global market. This suggests that the blockchain is busy, but its native token is not benefiting as it once did.