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

March 1, 2023

By Sharan Kaur Phillora

As per the data from Nansen, popular whale Jeffrey Hwang, known as Machi Big Brother in the crypto space, sold a whopping 1,010 NFTs in just about 48 hours. 

Here’s what we know: 

Nansen‘s simian psychometric enhancement technician, Andrew Thurman, spotted the trading activity over the previous two days and said it’s “possibly the greatest NFT dump ever” in a thread on Twitter on February 25.

Machi Big Brother has reportedly sold 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs, and 308 Otherdeed NFTs, to name a few – for 11,680 Ether (ETH) or $18.6 million, in the space of 48 hours.

Machi Big Brother promptly purchased back 991 NFTs, prompting Thurman to speculate that it may be a strategy to book some profits while also conducting “one massive wash trade to generate huge Blur airdrop profits” or a ” market manipulation.”

According to reports, Machi is one of the major receivers of the $BLUR token airdrop from booming NFT marketplace Blur, which overtook OpenSea in trading volume.

Blockchain analytics firm Arkham Intel said on February 17 that Machi had received 1.8 million BLUR and cashed it out for $1.3 million. A few of Machi’s collections, including BAYC, MAYC, and Otherdeed NFTs, plummeted  7.77%, 9.2%, and 8.16%, respectively, according to NFT Price Floor statistics. 

As such, Machi could score some fresh BLUR tokens in the next round by ramping up NFT trading activity, while other whales may be looking to do the same.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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