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NFT Flipper manipulates the CloneX floor on BLUR
The CloneX NFT collection is under the thumb of one market manipulator. This person uses Blur bidding pools to move prices, earning him or her points for the exchange’s upcoming token airdrop. How does the Blur bidder control the CloneX floor price?
How is the Blur bidder manipulating the CloneX floor price?
On Wednesday, 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 earns points for Blur’s upcoming token airdrop scheduled for May 1st. Unfortunately, the laundry trade also drives the floor price gradually lower with each passing day. He or she destroys bidding walls and any price support the project manages to maintain for short periods.
This is frustrating for communities that have had it tough lately like CloneX. It is difficult for organic price action to take place with massive intra-dollar manipulation 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 losses.
To make matters worse, rare assets are devalued as buyers and sellers are willing to dump them into WETH bids for instant liquidity. It may create opportunities for some community members who really enjoy the art, but for profit seekers it has destroyed all the prizes that rarer NFTs used to carry.
What do we know about the upcoming Blur airdrop?
The centre’s third airdrop is planned for 1 May. The Blur Twitter account posted instructions, reading: “Listing rewards will be equal to bidding rewards. Max List Points = Listings x Loyalty. The more you list, the more you earn. Listing blue chips helps, and listing multiple active collections helps.”
Image credit: Blur
The previous airdrop provided much needed liquidity to the NFT space. However, many NFT investors are looking forward to the end of the era of Blur airdrop farming.
