More Than 50% Of Bitcoin Cash Transactions Are Connected To One Single Address

A recent tweet by @IamNomad on May 5, has taken the crypto community by storm. A shocking revelation that has been disclosed in this tweet. The tweet claims that there is a single address which has been responsible for more than half of the bitcoin cash (BCH) transactions in the past month.

This one address accounts for over 50% of $BCH transactions in the last month.https://t.co/eSfJswoZqN

— I am Nomad (@IamNomad) May 5, 2019

The value of one BCH at press time is approximately $287, which is not a small amount by any means. The address has overall received $22,763.06 (80.981 BCH) at press time and has sent $21,546 (76.654 BCH), and has a remaining balance of $1,216.36 (4.327 BCH).

If we go by the Bitcoin Cash Block Explorer, the account in question has made more than 587,000 transactions since it became functional on April 8 of this year. Since it was created, the entire bitcoin cash blockchain has processed 1.17 million transactions till press time. Over half of these have originated from this mystery wallet.

Every second, three to four new transactions have emerged with fractional amounts of BCH. The rate at which the transactions have been recorded, are suggestive of some sort of malpractice. It looks like someone has been trying to drive up the number of transactions, to create a false sense of demand and hype around the network.

There is one more theory being spawned by commentators on Twitter, which suggests that the negligible transactions are being performed as a test, most probably for a game. The reason BCH is being used is probably because of its low fees.

The mystery remains unresolved for now, we will update you when we know more.