2026-01-03 05:23:37

Ethereum mainnet daily trading volume hits a record high, surpassing 1.87 million transactions in a single day, exceeding the peak levels of the NFT and DeFi eras. From a fundamental perspective, this is indeed a positive signal. But here’s the question — despite the surge in trading volume, the market’s enthusiasm isn’t as hot as expected. What exactly are people trading?

After tracking the Gas consumption leaderboard, the answer is quite shocking. Among the top 15 high-consuming addresses, 12 are actually phishing sites. In other words, behind these seemingly impressive transaction numbers, the vast majority are resources consumed by fraudulent activities. Beneath the surface of apparent prosperity lies a reality — the proportion of junk transactions on-chain far exceeds expectations. This also explains why trading volume hits new highs but no one feels the market’s vibrancy. It seems we still need to be cautious when interpreting on-chain data; focusing solely on transaction count can easily be deceived by illusions.

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CryptoCross-TalkClub

· 9h ago

Laughing to death, the data looks so impressive, it turns out it's all phishing sites performing. Isn't this the "paper prosperity" of the crypto world? Among 1.87 million transactions, 12 are from major phishing accounts. That ratio... I’m almost embarrassed to call myself a retail investor. Looking at on-chain data is like watching the order book—super lively on the surface, but behind the scenes, it's all groans of cutting losses. The trading volume hits a new high and no one gets excited. Just consider this detail—this is the true picture of the crypto scene. 12 phishing sites are consuming gas, while the remaining retail investors are spending their living expenses. The internet is truly wonderful. 12 of the top 15 addresses are fake. The credibility of this data is even more shallow than TikTok likes. Superficial prosperity, but actually fraudulent—this show in the crypto world is played with such dedication that even my scriptwriting career might be at risk. We’re not afraid of data falsification, but we’re really worried that someone might believe these 1.87 million transactions can save the market. Now it’s all good—trading volume hitting a new high has become the KPI leaderboard for phishing sites. Turns out, we’re all just feeding data to scammers.

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TokenomicsPolice

· 9h ago

The data looks good, but 80% are phishing scams causing trouble... This is our on-chain "prosperity," haha.

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TokenRationEater

· 9h ago

Haha, out of 1.87 million transactions, 12 phishing scams are causing trouble. This data is even more unreliable than 💩. Data can be deceptive. A surge in trading volume doesn't mean anyone is making money. It's the same old trick—faking data as good news. You really need to keep your eyes open. What appears to be prosperity is actually just scams boosting their numbers. It's truly outrageous. The number of transactions is an indicator that should have been abandoned long ago; it has no meaningful reference. Therefore, on-chain data should be viewed inversely— the higher the volume, the more cautious you should be.

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SilentObserver

· 9h ago

Damn, out of 1.87 million transactions, 12 phishing sites are causing trouble? This data definitely warrants a big question mark. What's the use of looking good numbers if they're just junk transactions filling in the count? It's truly a "false prosperity" example—looks lively as hell, but in reality, no one is actually trading. Just looking at the number of transactions can easily be deceived; we need to dig into the real trading demand behind it. That's why I never fully trust on-chain data—there's too much water content. 12 out of the top 15 addresses are scams? Truly incredible. The market needs a serious cleanup.

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FomoAnxiety

· 9h ago

Damn, more data falsification? Out of 1.87 million transactions, 12 phishing sites account for the majority, which is outrageous. Looks impressive on the surface, but turn around and it's all scams. On-chain data really has little reference value. Honestly, I've seen too many of these false booms. Transaction volume hits new highs but no one is making money, it's really heartbreaking. So now is it a reverse operation? The higher the trading volume, the more you should run?

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