Ethereum has recorded an all-time high in onchain activity, processing nearly 2.9 million transactions in a single day last week. However, the muted price action of Ether, which traded around $3,180, suggests the surge may not reflect genuine user demand. Onchain researcher Andrey Sergeenkov attributes the spike to a large-scale address poisoning campaign, where scammers flood wallets with tiny stablecoin transfers to inflate transaction counts without real user engagement. Sergeenkov's analysis indicates that about 67% of newly active addresses received less than $1 as their initial transfer, consistent with automated dusting rather than organic growth. The campaign, facilitated by low transaction fees following the Fusaka upgrade, involves smart contracts sending small amounts of stablecoins to numerous wallets, creating conditions for costly copy-paste errors. This activity complicates the interpretation of Ethereum's record metrics, as it may not signify increased demand for blockspace or decentralized applications.