- Manipulators usually engage in multiple bids, and increase prices in a short period of time.
- They trick the market into attracting unsuspecting bidders, onto whom they will dump inflated NFTs.
- SD identifies @9082D2, who is ranked 5th on the BLUR NFT leaderboard as a manipulator.
An acclaimed NFT trader with the Twitter handle @nfexdragon used the social media platform to educate other traders on how to identify manipulators in the BLUR NFT marketplace. In one thread, the trader, also known as SD, noted that manipulators typically engage in multiple bids, inflate prices in a short period of time, and attract other unsuspecting bidders in an illegal practice called spoofing. We do.
SD identified manipulator ranking 5th on the BLUR NFT leaderboard with id @9082D2. According to SD, manipulators like @9082D2 usually bid for collections of more than 30-80 items, increasing their bids by large amounts to entice other traders. After attracting unsuspecting bidders, traders like @9082D2 will sell lots in one fell swoop, leaving other bidders with inflated NFTs.
Realizing a change in price dynamics will force unsuspecting bidders to sell the bag at a loss. The effect of this sell-off will be felt throughout the market, with the manipulated NFT being passed through several rounds of bidders, all of whom will share in the loss until the prices stabilize and the manipulator cycle ends. Will keep repeating.
SD instructed his followers not to participate in bids where the buyers were unknown. This is a ploy to avoid falling prey to market manipulations. He also advised those who want to profit from the activities of manipulators to pay attention to when they start buying. At such moments, SD advises traders to buy with them before prices go up and sell while fake buying continues.
SD also notes that buying after a period of dumping is a good strategy, as during such periods, dumped NFTs are usually oversold, with prices far below their actual value.
According to SD, the primary purpose of his teaching is not to promote spoofing, but to encourage the larger community to fight back against manipulators. They believe that their approach will turn manipulators into victims of their plots and discourage them from distorting the NFT market.
The post Trader Shares Strategy to Fight Manipulators in the NFT Marketplace appeared first on Coin Edition.
View the original on CoinEdition
get the news you want
Read market moving news with personalized feeds of the stocks you care about.
get the app
Source: m.investing.com
