With the imminent second airdrop of the Blur marketplace, Andrew Thurman of Nansen theorized that this major NFT dump could be a strategic move to reap additional BLUR token rewards while also generating profits.
According to data from Nansen, the notorious NFT whale Jeffrey Hwang, also known as Machi Big Brother, unloaded an astonishing 1,010 tokens over the course of 48 hours, resulting in a total of 11,680 Ether or $18.6 million.
On Feb. 25, Andrew Thurman, Nansen's Simian Psychometric Enhancement Technician, took to Twitter to highlight the massive trading activity and declared it "likely the largest NFT dump ever." The dump included 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs, and 308 Otherdeed NFTs, among other tokens.
Machi Big Brother (Machi) made headlines recently when they promptly bought back 991 NFTs following a dump. Thurman theorized that this 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 market manipulation.”
Machi is one of the biggest beneficiaries of the BLUR token airdrop from the upstart NFT marketplace Blur, which recently surpassed OpenSea to become the top-ranked NFT platform in terms of the trading volume.
On Feb. 14, the project began distributing its first round of airdrops to the community, with the amount of airdropped tokens dependent on the user’s level of platform engagement and Ethereum-based NFT trading activity.
On Feb. 17, blockchain analytics platform Arkham Intel reported that Machi had received 1.8 million BLUR tokens, which they cashed out for a total of $1.3 million.
Machi may be looking to score some fresh BLUR tokens in the upcoming round by ramping up NFT trading activity, while other whales could be doing the same.
Data from the NFT Price Floor reveals that the floor prices of top collections that Machi initially dumped, such as BAYC, MAYC, and Otherdeed NFTs, have dropped by 7.77%, 9.2%, and 8.16%, respectively, in the past 24 hours.
Thurman commented on this phenomenon in a subsequent post, noting, "One man's quest for an airdrop is wreaking havoc on some markets."
At the time of writing, BLUR is trading at $0.79, having declined by 17.7% over the past seven days, according to CoinGecko. On Feb. 22, the Blur team announced that they will soon be airdropping $300 million worth of tokens in their second round, or "season two," of token distribution.
This news has been met with enthusiasm from the Blur community, as it could potentially lead to a surge in the token's price.
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