In what is now called the “biggest NFT dump ever,” an NFT Whale has sold 1,010 NFTs for 11,680 ETH in 48 hours.
$18.6 million worth of NFTs sold in 48 hours
Jeffrey Hwang, also known as Machi Big Brother, the NFT whale, is the guilty party, according to Nansen data. Machi Big Brother sold 1,010 sky-high NFT tokens for 11,680 ether. That amounts to $18.6 million in just 48 hours at 1 ETH ($1,602).
Notably, 90 Bored Ape Yacht Club (BAYC) NFTs were sold for 5,707 ETH. Another 191 Mutant Ape Yacht Club {MAYC} NFTs were sold for 3,091 ETH. 112 Azuki NFTs were also sold for 1,644 ETH, while another 308 Otherdeed NFTs were sold for 507 ETH.
Andrew Thurman, an enhancement technician at Nansen, claims the Whale made relatively little profit from these sales. The net profit is approximately +1,847 ETH. As a result, investors now think the whale carried out the NFT dump for specific reasons. Thurman justified why he might have accomplished this: Manipulating markets, The NFT whale rushes to repurchase Apes if he sells.
After the event, Bored Ape Yacht Club’s floor price was reduced by 12%, down to 62 ETH from 75 ETH. Since that time, the floor price has increased to 68 ETH. Remember that Mutant Apes experienced the same fate, with a 9% decrease in the floor. ETH decreased from 16.5 to 14.7.
BLUR loses 1.8 billion tokens in initial airdrop round
Notably, Machi is among the biggest recipients of the token airdrop from the rapidly growing exchange Blur, which just surpassed OpenSea in terms of trading volume. His massive NFT dump is questionable, and some people think it could be a stance to win more Blur airdrops.
Essentially, this landmarking dump could be a large wash trade that generates enormous Blur airdrop winnings. Moreover, wash-trade has been previously discussed as a drawback of any token airdrop program! In addition, there is the ongoing gas war.
Earlier on, 1.8 million Pellets were given to the NFT whale, who sold them for over $1 million. And taking into account that Blur tweeted this before the NFT dump:
Machi may be attempting to increase his NFT trade activity to achieve some significant BLUR victories in the upcoming round. Also, whales significantly influence the market’s dynamics, and the NFT market is active overall.
That demonstrates the potential for manipulation and the effect of airdrops on NFT trading strategies and the overall market. The madness will undoubtedly follow when other whales and degens attempt to take the same path.
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