Whale Sells 1,010 NFTs in Possibly the Biggest Dump Ever
- Popular whale Jeffrey Hwang, popularly known as Machi Big Brother in the crypto space, sold a whopping 1,010 NFTs in just about 48 hours.
- The whale got around 11,680 Ether (ETH) or $18.6 million from the sale of 1,010 tokens of which he bought back 991 tokens.
- Some of the tokens sold include 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs and 308 Otherdeed NFTs.
- Nansen analyst, Andrew Thurman, believes that the whale might be capitalizing on profit or trying to manipulate the market.
The popularity of non-fungible tokens, or NFTs, knew no bounds during the 2021 crypto market bull run, when several collections reached sky-high valuations and some even broke records for being the most expensive digital art ever. Interestingly, many celebrities and corporations also jumped on the blockchain bandwagon, and some whales accumulated thousands of tokens. Additionally, as per the data from Nansen, popular whale Jeffrey Hwang, popularly known as Machi Big Brother in the crypto space, sold a whopping 1,010 NFTs in just about 48 hours.
The crypto community of social media platform Twitter was astonished to witness Hwang sell 1,010 NFTs in just a span of around 48 hours. The whale got around 11,680 Ether (ETH) or $18.6 million from the sale. It is crucial to note that the simian psychometric enhancement technician for Nansen, Andrew Thurman, noted this transaction and highlighted it as “the largest NFT dump ever.”
Some of the most valuable NFTs sold by the whale include 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs and 308 Otherdeed NFTs, among others. Interestingly, hours after the sale, the whale bought back close to 991 tokens that he had earlier sold. The Nansen analyst pointed out that this could be an attempt to book profits or “one big wash trade to generate huge Blur airdrop profits” or a “pretty naked market manipulation.”
Interestingly, it is also a fact that Machi Big Brother has received a significant amount of BLUR token airdrops from the new NFT platform, which recently overtook OpenSea as the world’s largest NFT marketplace in terms of trading volume. The platform airdropped tokens based on a user’s Ethereum-based NFT trading activity and platform engagement.
Blockchain analytics platform Arkham Intel pointed out two days after the airdrop that Machi received 1.8 million BLUR, and cashed it out for $1.3 million.
It is possible that Machi could score some fresh BLUR tokens in the next round by ramping up NFT trading activity and other whales might be looking to do the same as well. It is crucial to note that following the whale’s dumping of tokens, the floor price of BAYC, MAYC, and Otherdeed dropped by 7.77%, 9.2%, and 8.16%, respectively.
“One man’s quest for an airdrop is wrecking some markets,” Thurman noted in another Twitter post.
When it comes to non-fungible tokens, not every crypto firm has been able to successfully capture the existing user base like Blur. As reported earlier by BitcoinWisdom, Indian crypto exchange WazirX has officially announced the closure of its NFT platform due to low number of users in India. Furthermore, the largest crypto exchange in the United States, Coinbase, has confirmed that it will no longer support new creator NFT drops.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
