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Nansen information exhibit that Jeffrey Hwang, a nonfungible token (NFT) whale, additionally recognised as Machi Big Brother, sold 1,010 tokens for a whole of 11,680 ETH, or $18.6 million, in the course of forty eight hours.
Nansen’s Simian Psychometric Augmentation Technician Andrew Thurman highlighted the buying and selling activity over the preceding two days in a put up on Twitter on Feb 25. He said it’s “possibly the largest NFT dump ever.”
The Bored Ape Yacht Club (BAYC), 191 Mutant Ape Yacht Club (MAYC), and 308 Otherdeed NFTs have been among the members in the foremost selling event.
Notably, Machi Big Brother bought 991 NFTs shortly after the dump. Thurman theorizes that this may have been an effort to book some profits while also engaging in “one enormous wash deal to yield huge Blur Airdrop profits” or a “very naked market manipulation.”
Machi is one of the important beneficiaries of the BLUR token airdrop from nascent NFT marketplace Blur, which just toppled OpenSea as the top-ranked NFT platform in terms of trade volume.
The venture started its preliminary round of neighborhood airdrops on Feb. 14. A varying variety of airdropped tokens had been given out, depending on the user’s interplay with the web site and Ethereum NFT trading activity.
According to blockchain analytics company Arkham Intel, Machi obtained 1.8 million BLUR tokens on Feb. 17 and cashed them all out for $1.3 million.
Machi now has no $BLUR since, like different people, he sold it all. He offered 1.8 million Blur tokens for a total fee of $1.3 million, or $0.707.
NFT Price Floor stats also exhibit the floor prices of the top collections that Machi first dropped have lowered by using 7.77%, 9.2%, and 8.16% over the previous 24 hours for BAYC, MAYC, and Otherdeed NFTs, respectively.
Alot of market manipulation going on.
Thanks for commenting