A single Bitcoin Cash address is responsible for nearly 50% of the network's transactions in the past month

Cryptocurrency • May 6, 2019, 8:00AM EDT

One single address on the Bitcoin Cash (BCH) network has accounted for nearly half of all the transactions in the past month.

The movement, which was first brought to The Block’s attention in a tweet by poster 'IamNomad,’ could be an indication that there’s a single entity acting to prop up the number of transactions to make the network look more active.

The address first started to make transactions on April 8, and at the time of this writing has made over 575,000 transactions. In the same period, the entire Bitcoin Cash blockchain has processed 1.17 million transactions meaning that this one address has accounted for 49% percent of BCH's total transactions.

The address has been continuously making consecutive transactions, often for the same amount of 0.00000731 BCH. The address currently has a balance of $1,266. Since it began sending transactions, it has sent a total of $19,298 and received a total of $20,461.

About Author

John has been involved in the blockchain/crypto sector since late 2013 and joined The Block Research in early 2019. He has expertise in crypto private markets and M&A activity. He also has a background in finance.