X @wale.moca 🐳

Market Manipulation - The NFT market is potentially experiencing wash trading, as evidenced by the repeated sales of Bored Ape 7706 between the same wallets [1] - A Bored Ape NFT was initially sold for 140 ETH ($520 thousand USD), then quickly resold for 12.1 ETH ($45 thousand USD), indicating potential price manipulation [1] - Subsequent transactions involved the same wallet repurchasing the NFT for 90 ETH ($334 thousand USD) and then selling it again for 11.8 ETH, further suggesting wash trading [1] Transaction Analysis - The transactions circumvented royalty and marketplace fees, raising concerns about the integrity of the NFT marketplace [1] - The purpose of these transactions is unclear, but the lack of fees paid suggests an attempt to inflate trading volume or manipulate the perceived value of the NFT [1]