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Ethereum transaction volume jumps, raising questions about rally momentum

Ethereum processed a record 240 million transactions on its base layer in the first quarter of 2026, the highest quarterly total on record. It was the first time quarterly transactions topped 200 million. The rebound coincided with wider use of layer-2 networks and stablecoins, with Ethereum-based stablecoin supply reaching $18 billion. Ethereum was around $2,260, up about 10 percent over the past month, though lower fee revenue limits the direct link to token value.