NFT wash trading recorded fourth consecutive raise in February
Non-Fungible Token (NFT) wash trading volume recorded its fourth consecutive growth during the month of February, according to a recent CoinGecko report. The total NFT wash trading volume increased to $580 million, as the CoinGecko report cited. NFT marketplaces X2Y2, LooksRare, and Blur recorded the highest volumes in NFT wash trading in February.
Wash trading is an illegal practice where investors buy and sell their assets at the same time for the same price. Wash trading doesn’t provide financial returns. However, it boosts market volume, which can be used to manipulate price levels. NFT wash trading can happen between two NFT holders who agree on the terms or a single NFT holder who sells from one address and purchases from another. The last time NFT wash trading volume recorded a decrease was in November 2022, when it fell to as low as $190 million from October’s $330 million. Since then, the total NFT wash trading volume has been growing.
Source
@Facebook_Metaverse_Nfts
