Reportedly, a single Bitcoin Cash [BCH] address has processed more than 50% of the transactions in the past month. The address started sending and receiving transactions from 8th April 2019. The total number of transactions made from that address is 607,383.
The value of most transactions noted on 7th May is 0.00000732 BCH and 0.00001216 BCH. Moreover, the transactions to spent in bulk at the same time of the day. More than five hundred transactions of 0.00000732 BCH were sent at the same time on 7th May 2019.
The total Bitcoin Cash [BCH] currently held in the address is 4.25946401 BCH, currently valued at around $1250. At the price of $290 per BCH, the value of each transaction is only about $0.002522. It was first to the media notified through a twitter post on May 6, 2019.
The wallet address is: 1b1itzeSKYEKhdcthUSnNJ47Fx2U8Zwwn
The transaction volume plot of BCH versus time over the last month has also seemed to verify the statistic. As the total number of the daily transaction were below 20k since the past quarter, a sudden jump in was noticed early in April. While there have been other isolated incidents of an increase in the number of transactions, the move after 8th April has held the total number of transactions above 40k consistently.
Furthermore, the price of Bitcoin Cash [BCH] gained more than 100% after Bitcoin’s bullish move on 2nd April 2019. Bitcoin Cash [BCH] has held its gains from April as it traded above $290.
The owner of the address and the reason for the nature of such transactions is still unclear.
Do you see suspicions of shilling BCH by the move or there is another authentic explanation for it? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com