L1 Adoption and Price Correlation? (Patreon)

JUST AN OBSERVATION - no need to shoot the messenger

For years I have said there should theoretically be a correlation between Price and Adoption.

Now I think I can put my finger on it.

And before I go in, yeah I know all ALTS suck that is why you ONLY BUY THEM IN THE BEAR

I am also well aware that BASE does a lot but ETH does not see much rev from it.

Yes I am also aware it is a murderers row of L1s now - SOL SUI SEI etc but hear me out

ETH Price and Adoption Correlation Based on Ethereum's data—flat DAU since 2020 mirroring price stagnation around $3,300 despite crypto's boom—it can indeed be argued there's a high correlation between L1 users and token price. Stagnant adoption signals limited network effects, curbing speculative and utility-driven buying. Broader research supports this: high user adoption often drives volatility and long-term valuation, with metrics like transactions and fees acting as leading indicators. ETH has not had any of that since 2021. Hence price is the same since 2021.