Sham or Adoption? 86% of BitcoinSV Volume Came from Just 100 Transactions

The crypto community by and large remains divided on the stand of BitcoinSV among the top 10 coins following recent allegations that the network may likely be a sham since 86.4% of its volume on Sunday came from just 100 transactions.

To be clear, the BSV network has had quite a tough year since its fork from the Bitcoin Cash network. Sometime this year several crypto exchanges delisted BitcoinSV.

What comes off as surprising though is the fact that despite BitcoinSV’s pioneer, Craig Wright is facing a lot of criticism over his claims of being Satoshi Nakamoto, the coin still manages to keep its head above water.

But what is keeping BitcoinSV Going?

Well, there are no clear answers except new evidence that the network’s adoption has hit rock bottom despite a massive increase in the coin’s price.

The price of BSV as of June 16, 2019, or 8 days ago was $212.17. Now at the time of writing, the price is $235.70 a healthy increase above 10%

On a good day, you would likely consider that increase to be a sign that the coin is doing relatively well. But not until you consider a new tweet post by Kevin Rooke, a Twitter user who pointed out a possible sham in the BSV network.

Kevin writes,

86.4% of all BitcoinSV volume yesterday came from 100 transactions. The BSV network is a total ghost town.

Despite that, network value is now $4.5 billion, up 300% in the last 45 days.

Totally insane. pic.twitter.com/5xS2qvNsJc

— Kevin Rooke (@kerooke) June 23, 2019

Kevin thus, suggests that the leading proponents of the BitcoinSV network are carrying out activities to stimulate its transactions to make it seem as if adoption is happening.

However, another Twitter user, XRP_Tooch responded stating,

“I don’t want to call you out too hard for misrepresenting the data since I’m not a BSV supporter. But this often happens when an exchange re-arranges their funds. You get a few large transactions. This stat is misleading without more data about the addresses and their owners.”

Meanwhile, a Redditor responding to the same issue supported Kevin by suggesting that the Bitcoin SV network is just trying to make its ecosystem look active as most of the funds moved in each transaction is worth less than a penny on the blockchain.

S/he adds that big holders of both Bitcoin Cash and Bitcoin SV begin to move about 40% of the total supply every day to “jack up the mean” value and make it look like the chain is used (like the spam are real transactions with actual cost). Of course, they still are not fooling the “median” value calculation.”

In conclusion, while a lot of fingers still point to whales manipulating the network, it is clear that BitcoinSV’s adoption level is not at the same level as the coin’s price.