The Bored Ape Kennel Club (BAKC) collection has experienced a spike in trading volume, reaching 6,855 ETH – the highest level recorded in the last three months. However, the floor price of this collection has dropped by 4.15% and is currently at 7.85 ETH. A quick check of transactions in the last 24 hours reveals the presence of the familiar whale, “Machi Big Brother”. Additionally, there are three other wallet addresses labeled as “Legendary NFT Collector”, “Epic NFT Collector”, and “Blue Chip NFT Holder”.
Usually, an increased volume can be a good sign to consider buying an NFT, but it is not always the case. In the last 24 hours, we noticed that the majority of transactions were coming from Blur. Additionally, these four wallet addresses were constantly trading NFTs with each other. Moreover, the labels of these wallet addresses are also named quite similarly, so it is not excluded that they come from one person or a group of traders.
It is likely that Machi, along with other whales, is attempting to increase their trading volume to qualify for Blur’s airdrop rewards. While on-chain indicators are transparent, they can be easily manipulated by whales. Even though some platforms have implemented wash trading filters, understanding these types of trades is still crucial if you want to comprehend the behavior of whales. When you notice an unusual trading volume, it’s important to closely examine the wallet addresses involved and how frequently they interact with each other. By doing so, you can avoid wash trades and gain a more accurate view of the market.
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