$18.6M Ether NFTs Sold in 48 Hours: Is It Market Manipulation?

• Jeffrey Hwang aka Machi Big Brother sold 1,010 tokens for 11,680 Ether ($18.6 million) within 48 hours.
• Machi quickly bought back 991 NFTs, prompting speculation that it could be a play to book some profits while also conducting one big wash trade to generate huge Blur AirDrop profits or a market manipulation.
• Andrew Thurman noted that the floor prices of top collections that Machi initially dumped have dropped 7.77%, 9.2%, and 8.16% in the last 24 hours respectively.

Machi Big Brother Sells $18 Million Worth of NFTs

Non-fungible Token [NFT] whale Jeffrey Hwang aka Machi Big Brother sold 1,010 tokens for 11,680 Ether [ETH] ($18.6 million) within 48 hours as per Nansen’s data. Andrew Thurman, Nansen’s simian psychometric enhancement technician, highlighted the trading activity over the previous two days in a Twitter thread yesterday and noted that it’s likely the largest NFT dump ever including 90 Bored Ape Yacht Club [BAYC] NFTs, 191 Mutant Ape Yacht Club [MAYC] NFTs and 308 Otherdeed NFTs.

Machi Buys Back Most of What He Sold

Machi Big Brother however quickly bought back 991 NFTs which prompted Thurman to speculate that it could be a play to either book some profits while also conducting one big wash trade to generate huge Blur AirDrop profits or a pretty obvious market manipulation. In addition to this development Machi is said to be one of the biggest recipients of the Blur [BLUR] token AirDrop from the NFT marketplace Blur which recently surpassed OpenSea as the top-ranked NFT platform in terms of trading volume according to Dune’s data on 14 February when it began distributing its first round of airdrops linked with user’s level of platform engagement and Ethereum-based NFT trading activity.

Market Prices Drop After Airdrop Distribution

On 17 February blockchain analytics platform Arkham Intel tweeted that Machi received 1.8 million BLUR and cashed it out for $1.3 million suggesting he might earn more new BLUR tokens in next round by increasing his level of platform engagement & Ethereum based trading activity while other whales may do same thing too thus bringing down market prices consequently after distribution was done as per collected data from “NFT Price Floor” depicting 7.77%, 9.2%, 8