Nansen’s Andrew Thurman hypothesized that this significant NFT dump could be a move to obtain additional BLUR token rewards while also booking some profits, as the Blur marketplace is soon to receive a second airdrop.
Nansen data show that nonfungible token (NFT) whale Jeffrey Hwang, also known as Machi Big Brother, sold 1,010 tokens over the course of 48 hours for a total of 11,680 Ether, or $18.6 million.
The trading activity over the previous two days was highlighted by Nansen’s Simian Psychometric Enhancement Technician Andrew Thurman in a thread on Twitter on February 25. He claimed that it is “likely the largest NFT dump ever.”
The main selling event included, among others, 308 Otherdeed NFTs, 191 Mutant Ape Yacht Club (MAYC), and 90 Bored Ape Yacht Club (BAYC) NFTs.
Thurman speculated that Machi Big Brother (Machi) may have been trying to book some profits while also engaging in “one big wash trade to generate huge Blur airdrop profits” or in “pretty naked market manipulation” when he swiftly purchased back 991 NFTs after the dump.
According to reports, Machi is among the biggest recipients of the airdrop of BLUR tokens from emerging NFT marketplace Blur, which recently dethroned OpenSea as the leading NFT platform in terms of trading volume.
The project began dispersing its first round of airdrops to the community on February 14. The quantity of airdropped tokens varied depending on the user’s degree of platform participation and NFT trading activity on Ethereum.
According to blockchain analytics company Arkham Intel, Machi got 1.8 million BLUR tokens on February 17 and cashed them all out for $1.3 million.
As a result, Machi could be trying to increase NFT trading activity in order to get some more BLUR tokens in the next round, and other whales might be thinking the same thing.
According to data from NFT Price Floor, the floor prices of the top collections that Machi initially dumped have decreased by 7.77%, 9.2%, and 8.16% over the past 24 hours for BAYC, MAYC, and Otherdeed NFTs, respectively.
In a recent piece, Thurman observed that “one man’s pursuit of an airdrop is ruining certain markets.”
According to CoinGecko, the price of BLUR is now $0.79 and has dropped 17.7% over the last week.The Blur team tweeted on February 22 that the project’s second wave, or “season two,” would airdrop tokens valued at $300 million shortly.