Ethereum's single-day transaction volume reached a record of 2.9 million transactions, likely driven mainly by "address poisoning" attacks.

CoinVoice has learned that, according to CoinDesk, recent on-chain activity on the Ethereum network has surged, reaching a new single-day high of 2.9 million transactions. However, ETH prices have reacted calmly, possibly due to large-scale “address poisoning” attacks rather than genuine user demand growth.

Research shows that about 80% of the abnormal increase in new addresses is related to stablecoins, and approximately 67% of new active addresses made their first transfer of less than $1, consistent with “dust attacks.” In the analyzed sample, around 3.86 million addresses received “poison dust” in their first stablecoin transaction. Attackers use smart contracts to send small amounts of stablecoins to hundreds of thousands of addresses, polluting users’ transaction histories and tricking them into mistakenly transferring large sums to fake similar addresses.

Since the upgrade of Fusaka in early December last year, transaction fees have dropped significantly, making such low-cost attacks feasible. This suggests that the record-breaking transaction volume on Ethereum may be inflated by spam transactions, undermining its credibility as a signal of increased network demand. The market has not regarded this as a positive catalyst for ETH prices.