The CloneX NFT collection is under the thumb of one market manipulator. This person is using Blur bidding pools to move prices, earning him or her points for the exchange’s upcoming token airdrop. How is the Blur bidder controlling the CloneX floor price?
How is the Blur bidder manipulating the CloneX floor price?
On Wednesday, the bidder:
- Sold 86 CloneX for 2.7 ETH
- Bought 60 CloneX for 2.5 ETH
- Bought 3 more for CloneX for 2.55 ETH
- Sold 3 CloneX for 2.54 ETH
- Bid for 300 more CloneX at 2.5 ETH
By doing so, the bidder is earning points for Blur‘s upcoming token airdrop scheduled for May 1st. Unfortunately, the wash-trading is also driving the floor price incrementally lower with each passing day. He or she is destroying bid walls and any price support the project manages to maintain for short periods of time.
This is frustrating for communities that have had a rough go of it lately like CloneX. It’s difficult for organic price action to take place with massive manipulation within dollars of the floor price. Manipulators are willing to lose money in the process of buying and selling. These people believe that the revenue from the upcoming airdrop will outweigh any potential losses.
To make matters worse, rare assets are being devalued as a buyers and sellers are willing to dump them into wETH bids for instant liquidity. It can create opportunities for some community members who genuinely like the art, but for profit seekers, it has destroyed any premiums that rarer NFTs used to carry.
What do we know about the upcoming Blur airdrop?
The exchange’s third airdrop is scheduled for May 1st. The Blur Twitter account posted instructions, reading, “Listing rewards will be as large as bidding rewards. Max listing points = listings x loyalty. The more you list, the more you earn. Listing blue chips helps, and listing more active collections helps.”
Image Credit: Blur
The previous airdrop provided much-needed liquidity for the NFT space. Many NFT investors, however, are looking forward to end of the era of Blur airdrop farming.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.