Experts have yet to explain the massive spike in active ETH addresses

The sudden and dramatic spike in the number of active addresses on the network has left many guesses about the cause.

On-chain metrics firm Santiment says it is still investigating the cause of a sudden surge in active Ether (ETH) addresses, which eclipsed the previous all-time high (ATH) by 48%

On Wednesday, the analytics firm tweeted that the number of daily active addresses on Ethereum had suddenly jumped to 1.06 million, breaking the previous record of 718,000 set in 2018.

An active address is an address that has completed a transaction within the last 24 hours. The number of active addresses can indicate the level of on-chain activity of developers and projects entering updates to their work or platforms and merchants making simple token transfers.

However, Santiment says his team is still investigating the cause of the spike. Cointelegraph also reached out to Ethereum lead developer Tim Beiko to explain the unusual activity, but did not get an immediate response.

#Ethereum broke records on Tuesday after an incredible surge in address activity far exceeded its #AllTimeHigh. 1.06 million ETH addresses have transacted, and the team is still investigating the cause of the +48% increase from the previous record. https://t.co/fRLNXkx0PR pic.twitter.com/oXhGvCTJef

Coinbase Chief Strategy Officer Conor Grogan posted in a Twitter thread that the increase in activity came from a high number of token transfers per unit of gas rather than greater adoption .

He explained that the spike in active addresses is due to an increase in “mundane” send/receive activity, such as “Binance doing a maintenance sweep,” as opposed to more “productive” activity. " of