Machi Dumping Apes at 58-60 ETH; Driving NFT Market Down
Taiwanese singer and entrepreneur Jeffery Huang, alias Machi Big Brother, recently dumped a large amount of the Bayesian non-fungible token (BAYC) at a price of 58-60 ETH, driving the prices of the NFT market down. At the same time, the decentralized autonomous organization (DAO) BendDAO set a record high with 224 voluntary repayments. In addition, the trading volume of nftperp surged yesterday, and the short positions on BAYC continued to increase. These events signify a shift in the NFT towards increased demand for NFTs and leverage.
Jeffery Huang’s Massive BAYC Sale
Jeffery Huang’s sale of BAYC was the largest sale of a single NFT token in recent memory. Huang sold off his entire holdings of BAYC for 58-60 ETH, driving the price of the NFT down as well as causing a ripple effect throughout the NFT market. This massive sale was likely caused by Huang feeling that the price of BAYC had become too expensive.
BendDAO Sets Record High Number of Voluntary Repayments
In a positive sign for the decentralized finance (DeFi) market, the DAO BendDAO has set a record-high number of 224 voluntary repayments. It is a massive increase from the previous record of just 20 voluntary repayments. It signifies that more and more DeFi users are taking advantage of their ability to utilize their capital to generate returns.
nftperp Trading Volume Surges and Short Position on BAYC Increases
The trading volume on the nftperp platform has surged in the past day, signaling increased demand for NFTs and leverage. Additionally, the short position on BAYC has continued to grow as investors seek to profit from the declining token price. It suggests that investors also believe that the current level of BAYC is unsustainable and expect the NFT’s price to fall shortly.
BLUR Coin Whale Purchases Huge Tokens Before Season 2
Adding to the flurry of activity surrounding the NFT market is the news that Taiwanese singer Jeffrey Huang aka Machi Big Brother, has purchased 3,051 $ETH with 5M $USDT and deposited them into Blur, an NFT platform. This purchase signals increased speculation in the NFT ahead of Blur’s Season 2 launch, which will occur later this year.
The purchase of 3,051 ETH by Taiwanese Singer Jeffrey Huang caused a ripple in the NFT. His actions are visible in various projects such as BAYC, BendDAO, and nftperp, resulting in plunging prices, increased liquidity, and higher trading volumes. What other effects Huang’s purchase will have on the NFT market in the coming weeks remains to be seen.
