Oxalus Insights 60s Analytics

60s Analytics: Detect 2 Whales Bought 355 NFTs Of Gitcoin Presents Collection

60s Analytics Mar 13 2023

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The Gitcoin Presents collection, launched last week, has garnered increased interest and value due to its association with Ethereum co-founder, Vitalik Buterin. Initially, the collection’s floor price peaked at 0.4 ETH, but it has since gradually decreased and is currently trading at around 0.1 ETH. On-chain data from the past 24 hours shows that two whales have purchased a total of 355 NFTs. Is there a motivation behind this action? Let’s analyze this more deeply.

Firstly, one of the two recorded wallet addresses belongs to a well-known whale in the community, Machi Big Brother. Recent transaction history indicates that this whale has engaged in “wash trading”. Moreover, this wallet has suspicious behavior by consistently buying and selling at lower prices. Currently, it holds just over 100 NFTs, with a loss of 923 ETH. The remaining whale wallet addresses, starting with 0x0232, also have several transactions with Machi whales. Therefore, we suspect that these two wallet addresses belong to the same person.

Source: Nancen

Currently, we are unsure of the true motive behind this whale’s actions, as they are incurring significant losses from this collection. Furthermore, Gitcoin Presents is a collection that utilizes Quadratic Funding, a funding model created by Vitalik Buterin and two other founders. As of now, there is no official confirmation of Vitalik’s involvement in the collection. Based on the information, it appears that this collection is exhibiting signs of suspicious manipulation. So what do you think about this case?

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