An NFT whale has performed “biggest NFT dump of all time” in 48 hours to get a head start on an upcoming Blur airdrop. At least that is the speculation of some NFT market data analysts. The whale known as Jeffrey Hwang or informally as Machi Big Brother downloaded 1,010 NFTs for 11,680 ETH or $18.6 million in less than two days.
The activity came to public attention thanks to Andrew Thurman, Nansen’s NFT Psychometric Enhancement Technician. In a Twitter thread on February 25, he highlights what he calls “probably the largest NFT dump ever”.
In what is probably the largest NFT dump ever, in the last 48 hours, Machi sold 1010 NFTs, including:
– 90 BAYC for 5707 ETH
– 191 MAYC for 3091 ETH
– 112 Azuki for 1644 ETH
– 308 Otherdeed for 582 ETHBut it’s not making much of a profit from these collections. Because? pic.twitter.com/4NyMF3gzuy
— Andrew T. (@Blockanalia) February 24, 2023
The dumping spree included the sale of 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs, 308 Otherdeed NFTs, and 112 Azuki. However, the seller was not making much money from the collections, which made Thurman wonder why.
According to the analyst, Machi Big Brother quickly bought back 991 NFTs. This led Thurman to speculate that it might be a wise move to reserve some profits and at the same time participate in “A Big Wash Trade To Generate Huge Blur Airdrop Profits” or a “pretty naked market manipulation.”
After all, the whale was one of the biggest beneficiaries of the recent airdrop of the Blur token. According to Arkham Intel, an analytics platform, Machi received 1.8 million from BLUR, which he charged for $1.3 million.
Blur will host their next Airdrop soon
With Blur ready to participate in the next phase of its airdrop, Machi looks set to make big profits again as he inflates his trading activity. However, you are not alone, as other whales will know the tricks necessary to fool the system.
Consequently, Thurman points out that the whale’s activities could have influenced the entire market. “The manhunt for an airdrop is shattering some markets.” All the sets that Machi downloaded were significantly affected by the sale in the last 24 hours. NFT Price Floor data indicates that NFTs for BAYC, MAYC, and Otherdeed were down 7.77%. 9.2% and 8.16%, respectively, in the period.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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