Whale sells 1,010 NFTs in 48 hours in ‘largest NFT dump ever’


In a Feb. 25 Twitter thread, Nansen’s Simian Psychometric Enhancement Technician Andrew Thurman highlighted the buying and selling exercise over the earlier two days, and famous that it is “possible the biggest NFT dump ever.”

The main promoting occasion included 90 Bored Ape Yacht Membership (BAYC) NFTs, 191 Mutant Ape Yacht Membership (MAYC) NFTs and 308 Otherdeed NFTs to call just a few.

In response to knowledge from Nansen, nonfungible token (NFT) whale Jeffrey Hwang — identified colloquially as Machi Large Brother — dumped 1,010 tokens for a complete of 11680 Ether (ETH) or $18.6 million within the area of 48 hours

Notably, nevertheless, Machi Large Brother (Machi) promptly purchased again 991 NFTs following the dump, with Thurman theorizing that may very well be a play to both e book some income whereas additionally conducting “one massive wash commerce to generate enormous Blur airdrop income,” or a “fairly bare market manipulation. ”

Machi is reportedly one of many greatest receivers of the BLUR token airdrop from upstart NFT market Blur, which just lately ousted OpenSea from being the top-ranked NFT platform when it comes to buying and selling quantity.

On Feb. 14, the undertaking began allotting its first spherical of airdrops to the group, with the quantity of airdropped tokens relying on the consumer’s stage of platform engagement and Ethereum-based NFT buying and selling exercise.

On Feb. 17, blockchain analytics platform Arkham Intel indicated that Machi had obtained 1.8 million BLUR tokens, and cashed all of it out for $1.3 million.

As such, Machi may very well be seeking to rating some contemporary BLUR tokens within the subsequent spherical by ramping up NFT buying and selling exercise, whereas different whales could also be looking to do the identical additionally.

Associated: Blur founder Pacman places the NFT market warfare into perspective

Wanting on the ground costs of high collections that Machi initially dumped, BAYC, MAYC and Otherdeed NFTs have seen their costs drop 7.77%, 9.2% and eight.16% previously 24 hours, in response to knowledge from NFT Value Ground.

“One man’s quest for an airdrop is wrecking some markets,” Thurman famous in a subsequent publish.

On the time of writing, BLUR sits at $0.79 with the value declining by 17.7% over the previous seven days, in response to CoinGecko.

On Feb. 22, the Blur group tweeted that the undertaking will quickly airdrop $300 million value of tokens in its second spherical, or “season two.”