Nansen data shows that Jeffrey Hwang, also known as Machi Big Brother, is an NFT coin whale. Whale sold 1,010 tokens for 11,680 ETH or $18.6 million in just 48 hours. Andrew Thurman, Nansen’s Simian Psychometric Healing Technician, highlighted the previous two days’ trading activity, claiming it was “probably the largest NFT dump ever” in a February 25 Twitter thread. Here are the details…
NFT coin whale sells $18.6 million
According to data from Nansen, NFT whale Jeffrey Hwang, popularly known as Machi Big Brother, sold 1,010 tokens for a total of 11,680 Ether, or $18.6 million, within 48 hours. Andrew Thurman, Nansen’s Simian Psychometric Healing Technician, highlighted trading activity over the past two days in a February 25 Twitter thread, noting that it was “probably the biggest NFT dump ever.” Top-selling NFTs included 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs, and 308 Otherdeed NFTs.
One big reason is, he's bought back:
– 57 BAYC for 3302 ETH
– 190 MAYC for 2996 ETH
– 11 Azuki for 1640 ETH
– 285 Otherdeed for 541 ETH… and he's still going, with nearly 7k ETH in the Blur deposit pool
Or, depending on how you look at it, another 11k worth of NFTs to sell pic.twitter.com/hno8x1WJ6z
— Andrew T (@Blockanalia) February 24, 2023
Notably, however, Machi Big Brother (Machi) immediately repurchased 991 NFTs following the decline; Thurman noted that this could either be a game to make some profit. It also pointed to the possibility of “washing trade or market manipulation to generate large Blur airdrop profits.” Machi is reportedly one of the biggest recipients of the BLUR token airdrop by NFT marketplace Blur, which has recently overtaken OpenSea as the top-ranked NFT platform in terms of trading volume.
As we reported as Kriptokoin.com, on February 14, the project started to distribute the first round of airdrops to the community in line with the amount of tokens, based on the user’s platform participation level and Ethereum-based NFT trading activity. On February 17, blockchain analytics platform Arkham Intel stated that Machi received 1.8 million BLUR tokens and cashed them all for $1.3 million. Therefore, while Machi is considering gaining some new BLUR tokens by accelerating NFT trading activity in the next round, other whales may be looking to do the same.
How have NFT prices been affected?
Looking at the base prices of the top collectibles that Machi initially dumped, the prices of BAYC, MAYC and Otherdeed NFTs have dropped 7.77 percent, 9.2 percent and 8.16 percent in the last 24 hours, according to the data. “One person’s search for an airdrop is ruining some markets,” Thurman said in a later post. At the time of writing, BLUR is changing hands at $0.79, with the price dropping 17.7 percent in the past seven days, according to CoinGecko. On February 22, the Blur team tweeted that the project will distribute $300 million worth of tokens in the second round.
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