PS. Not all participants are equal, this is why I’m not a fan of Metcalfe’s Law applied to valuations. This is not a communications network which Metcalfe’s Law was created to describe, Bitcoin has monetary network effects of liquidity and Lindy.
Active and unique addresses are important to consider when determining the fundamental value of the network using Metcalfe’s law. A sudden and continuous increase in active addresses paints a bullish picture as this typically indicates a sharp increase in on-chain use or interest.