“We truly don’t think there is large-scale, authentic usage of A7A5 outside of A7,” Keegan said in an email, referring to the token’s issuer. He added that transaction volumes routinely collapse on weekends because much of the activity appears tied to business-to-business transfers involving the Russia-linked exchange Grinex.

Meanwhile, Tom Robinson, co-founder of another blockchain analytics firm, Elliptic, also said the token has lost momentum. He said that monthly transaction volumes have fallen by more than 90% since January and are down 96% from their peak last year, following sanctions imposed by the U.S., the European Union and the United Kingdom, as well as the collapse of Grinex earlier this year.

“The cherry-picked trading and…