Ethereum had a record 200 million transaction in Q1. Here's what it means for ether (ETH)
CoinDesk
Ethereum recorded over 200 million transactions in Q1 2026, marking its busiest quarter ever despite stagnant token prices.Summary
In the first quarter of 2026, Ethereum achieved a milestone of 200.4 million transactions, the highest volume in its history and more than double its 2023 lows. This growth is primarily driven by increased activity on Layer 2 networks and a record $180 billion in stablecoin supply on the blockchain. Despite this fundamental network growth, the price of ether (ETH) remains significantly lower than its 2025 highs, potentially signaling a divergence between on-chain utility and market valuation. Analysts note that while activity is surging, the network's Dencun upgrade has lowered fees, meaning higher transaction counts do not necessarily equate to increased value for token holders.
(Source：CoinDesk)