Ethereum dApp volumes hit new highs: Can this help ETH rally above $3,200?

Ethereum has registered the highest dApp volume in the last 30 days.
ETH’s price trend has been less active.

Ethereum’s [ETH] decentralized application (dApp) ecosystem has witnessed an impressive surge in activity, with volumes climbing by 38% over the past month.

This growth signaled renewed interest in DeFi, NFTs, and gaming sectors. However, a critical question remains—will this on-chain activity drive a bullish breakout for ETH’s price?

The Ethereum network appears active with rising gas usage, increasing transaction volumes, and dApp engagement. Still, price action remains cautiously optimistic.

Ethereum dApp volumes on the rise

Recent data from DappRadar highlighted a steady increase in Ethereum dApp usage.

Total transaction volumes have reached $3.54 billion as of the 19th of November 2024, while the number of daily unique active wallets (UAW) surged to 78.53k, signaling growing participation in the ecosystem.

Source: DappRadar

Additionally, analysis reveals that in the last 30 days, its dApp volume rose to almost $150 billion, which was the highest.

The data also showed a 37.67% increase in the last 30 days, making its increase the most impactful.

DeFi protocols have been the largest contributors to this growth, benefiting from higher total value locked (TVL) as lending and trading activities gain momentum.

NFT marketplaces and blockchain-based gaming platforms have also played a significant role in driving transactions.