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Dodoor NFT Ranks Top on OpenSea: Signs of Wash Trading?

source-logo  beincrypto.com 20 October 2022 15:56, UTC

The Dodoor NFT projects rank first on OpenSea. What resulted in the top ranking for the project? Is it a wash trading?

Dodoor NFT is the first collection of 1000 NFTs from the UDverse, which is a shelter for all the species where they are free from getting poached.

The volume as of writing is over 2118 ETH on OpenSea. However, is the volume organic, or is it due to wash trading?

What is Wash Trading?

Wash Trading is a shady trading method to show a fake spike in volume. In cryptocurrencies and NFT, the project creates multiple fake wallets and makes transactions between those wallets.

Due to this, the volumes are impressive, and the project even ranks as the day’s most traded instrument. It lures genuine investors to believe that volumes are high and the project is in demand. With the false belief, many real investors start trading the asset, increasing real trading activity.

Here the fake wallets can dump their assets to genuine investors to make profits. The method is illegal under the US and many other countries’ laws.

Wash Trading in Dodoor NFT?

Even though the project is ranked #1 on OpenSea, the NFT community doesn’t know many people who have mentioned it.

Source: Twitter

The top owners of the collection are primarily new wallets. Those wallets seem to hold only Dodoor NFTs. The official account of Udverse has only 85 Tweets as of writing, but the follower count is more than 127,000. Most of the tweets have engagement count mostly in double-digit. Due to these factors, the community believes that most Twitter followers are bot accounts.

An NFT data analyst shared an infographic on Twitter, showing that the Dodoor NFT owner wallets are quite interconnected.

Source: Twitter

The community senses something fishy with the project because they don’t see many commonly known smart wallets tied to the wallet.

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