Whale Sells 1,010 NFTs In 48 Hours In “Biggest NFT Dump”
Since the Blur marketplace is about to do a second airdrop, Andrew Thurman of Nansen thought that this big NFT dump could be a way to get more BLUR tokens and make money at the same time.
According to information from Nansen, nonfungible token (NFT) whale Jeffrey Hwang, also known as Machi Big Brother, sold 1,010 tokens in 48 hours for 11,680 Ether, or $18.6 million.
Andrew Thurman, Nansen’s simian psychometric enhancement technician, wrote on Twitter on February 25 that the trading activity over the past two days is “likely the largest NFT dump ever.”
At the big selling event, there were, among other things, 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs, and 308 Otherdeed NFTs.
In what's likely the largest NFT dump ever, in the past 48 hours Machi has sold 1,010 NFTs, including: – 90 BAYC for 5707 ETH – 191 MAYC for 3091 ETH – 112 Azuki for 1644 ETH – 308 Otherdeed for 582 ETH
But Machi Big Brother quickly bought back 991 NFTs. Thurman thinks it could be a move to book some profits while also doing “one big wash trade to generate huge Blur airdrop profits” or a “pretty naked market manipulation.”
Machi is said to be one of the biggest recipients of the Blur (BLUR) token airdrop from the new NFT marketplace Blur, which recently beat OpenSea to become the top-ranked NFT platform in trading volume.
The project’s first round of airdrops to the community began on February 14. The amount of tokens that were given out depended on how much the user used the platform and traded Ethereum-based NFTs.
On February 17, Arkham Intel, a blockchain analytics platform, said that Machi had gotten 1.8 million BLUR and cashed it out for $1.3 million.
Machi is currently not holding any $BLUR – like others, he sold it all.
In total, he received $1.3M for his 1.8M Blur tokens, selling at an average price of $0.707.
So, Machi could get more BLUR tokens in the next round by trading more NFTs. Other whales may also try to do the same thing.
According to data from NFT Price Floor, the floor prices of the top collections that Machi dumped at first have dropped by 7.77%, 9.2%, and 8.16% in the last 24 hours for BAYC, MAYC, and Otherdeed NFTs, respectively.
“One man’s quest for an airdrop is wrecking some markets,” Thurman noted in a subsequent post.
FWIW my "partial cashout" theory doesn't seem to be panning out — he hasn't sent anything to Binance in a while pic.twitter.com/FbqBsRzjHd
