Largest NFT Dump Ever; NFT Market To Crash?

Nansen's Andrew Thurman has put forward a theory that the upcoming second airdrop on the Blur marketplace may be the reason behind the significant influx of NFT sales, as it could be an effort to acquire additional BLUR token rewards while also generating profits.

According to Nansen's data, Jeffrey Hwang, who is also known as Machi Big Brother, is a major player in the NFT market. Within a span of just 48 hours, he sold 1,010 tokens for a total of 11,680 ETH, which is equivalent to $18.6 million.

The largest NFT dump ever

Andrew Thurman, Nansen's Simian Psychometric Enhancement Technician, took to Twitter on February 25 to draw attention to the trading activity of the past two days, which he believes to be “perhaps the largest NFT dump ever,” making it a significant development in the world of NFTs.

The primary sales event included the sale of 90 NFTs from the Bored Ape Yacht Club (BAYC), 191 NFTs from the Mutant Ape Yacht Club (MAYC), and 308 NFTs from Otherdeed, among others. This sale is noteworthy due to its size and impact on the NFT market.

Andrew Thurman, from Nansen, speculated that Machi Big Brother (Machi) may have been attempting to make some profits while also participating in a “wash trade” to earn significant Blur Airdrop rewards when he rapidly repurchased 991 NFTs after the recent dump.

Machi is reported to be one of the most significant beneficiaries of the BLUR token airdrop from the emerging NFT Marketplace Blur. Additionally, he has recently surpassed OpenSea in terms of trading volume, cementing his position as a major player in the NFT market.

Machi had received 1.8 million BLUR Tokens

On February 14, the project initiated its first round of airdrops to the community, with the amount of airdropped tokens varying based on the user's level of engagement on the platform and their NFT trading activity on Ethereum.

According to blockchain analytics firm Arkham Intel, Machi received 1.8 million BLUR tokens on February 17, which he subsequently cashed out for $1.3 million. As the next round of BLUR token airdrops approaches, Machi and other NFT whales may be looking to increase their NFT trading activity to earn more BLUR tokens.

BLUR Token Price

As of now, Blur's price stands at $0.8227, and its market capitalization has grown to $322 million, with a 24-hour trading volume increase of 81% to reach $412 million. According to CoinMarketCap, the circulating supply of Blur is roughly 391,004,422 BLUR.

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