Ethereum marks all-time high in token activity

Ethereum is showing a bullish signal by recording a new all-time high in its daily network activity index. It tracks the 30-day simple moving average (SMA-30) of daily active addresses for 76 leading tokens on Ethereum, which has reached 1.985 million addresses.

Using a 30-day moving average is crucial as it “smooths out daily noise and short-term volatility, presenting a clear picture of the underlying medium-term trend,” according to points out in an analysis published by CryptoQuant.

The following graph shows the evolution from 2022 to 2025 of Ethereum’s daily activity index, measured by the number of total daily active addresses.

The fact of reaching an all-time high with This metric indicates that the increase in user activity is not an isolated eventbut the result of a sustained upward trend during the last month.

“It is a hallmark of true network health and growing user adoption,” says CryptoQuant. While price fluctuations can be driven by speculation, the number of active addresses is a fundamental metric that measures real-world interaction and utility.

This explosive growth underscores that a significant number of new and existing users are actively participating in a wide range of projectsfrom decentralized finance (DeFi) to non-fungible tokens (NFT), built on Ethereum.

Such record on-chain activity provides a very solid fundamental foundation for the ecosystem. It suggests that “the current strength of the market is supported by tangible user growth, not just speculation,” and this high level of participation has the potential to provide strong support for further price appreciation in the future, the analyst mentions.

The growth trend in adoption complements a CriptoNoticias report from last week, which highlighted how the total value locked (TVL) on the Ethereum network was consolidating an upward trend to new historical highsstanding at $373 billion at that time.