A single Bitcoin Cash address has been responsible for half of the transactions made on the digital coin’s blockchain over the past month.
Created on April 8, the address has processes 609,704 transactions as of press time, while the entire Bitcoin Cash network has only processed around 1.2 million transactions in the same period.
— I am Nomad (@IamNomad) May 5, 2019
Despite the high frequency, most of the transactions involved a fraction of BCH token. The address has received 81.334 BCH worth $23,764 while it sent little more than 77 tokens worth around $22,500, making a balance of $1240 on the wallet.
The forked coin
Bitcoin Cash came into existence in mid-2017, after a chain split of Bitcoin’s blockchain. The coin was created after a dispute in the original digital currency’s core promoters over the increment of its block size to accommodate more transaction data in a single block, increasing the scalability of its network.
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Over the years, Bitcoin Cash was praised and criticized by different sections of the community and its key promoter Roger Ver is pushing hard to increase its adoption in the real world.
Bitcoin Cash is currently the fourth largest digital coin in the market with a total capitalization of $5.2 billion. It is trading at around $294 a piece, as seen on CoinMarketCap.com, down from its peak of $4,355, which was achieved in December 2017.
Make it look busy
The forked coin’s transactions spiked since last month, and now with the revelation of the mystery address, it is clear what is driving this massive surge.
— Gabriel Cardona (@cgcardona) April 29, 2019
However, it is still not clear who is operating the address and its real purpose. According to a theory, the transactions numbers were spiked to make the network look busy, while many optimists are predicting that it is being done to test the performance of the network.