Any guesses as to what is causing the elevated transaction counts? We've been at 21,000 for so long, and now all of a sudden, we're over 100,000 transactions per day, and it's been that way for several days.

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[–] blake@monero.town 3 points 8 months ago* (last edited 8 months ago)

Looking through various sources I have a short list of causes for high tx count:

Unlikely:

BTC ATH sellers off ramping to a much better cryptocurrency that preserves privacy
XMR trending as a massive gainer (after a drop) attracts traders

More Likely:

Chain analysis firm floods the tx pool so that their heuristic analysis can pinpoint some XMR transactions
Binance has released the secret store of XMR they had stacked up before delisting for unknown reasons
A Monero Whale is churning a large amount of XMR

5.b) 'Incognito Market' [darknet market] is reportedly exit scamming - escrows estimated in the millions of USD of XMR

Nobody has put forward a clear case yet, and most Monero folks are nonplussed. However, XMR's dynamic block size is making much better work of the flood than other cryptos and tx fees remain fairly level throughout so at least it's a good stress test.

I want to be a part of it too so I'm gonna throw a few more transactions into the pool right now :)