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NFTs and Metaverse

NFT Marketplace Chaos: Massive Dump Triggers Price Drops

NFT Marketplace Chaos: Massive Dump Triggers Price Drops

Machi Big Brother, a notable non-fungible token (NFT) whale, recently sold 1,010 tokens for 11,680 Ether (ETH), equating to $18.6 million, within two days.

Andrew Thurman, content lead at Nansen, tweeted on Feb. 25 about the trading activity and suggested it could be the biggest NFT dump to date.

The NFTs sold included 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs, and 308 Otherdeed NFTs. Machi Big Brother subsequently repurchased 991 NFTs.

This move could be a means for conducting a “wash trade” to generate significant Blur airdrop profits, or it could be an act of market manipulation.

Machi is reportedly one of the largest receivers of BLUR token airdrops from Blur.

READ MORE: Robert Kiyosaki Warns of Financial Meltdown

It was revealed that Machi had received 1.8 million BLUR tokens, which they sold for $1.3 million. The project may seek to receive more BLUR tokens by increasing NFT trading activity, and other whales could be considering the same tactic.

As a result of Machi’s selling activity, BAYC, MAYC, and Otherdeed NFTs have all seen their floor prices decline by around 7-9% in the past 24 hours.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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