LooksRare made its debut on Jan.10 and the recently launched NFT marketplace has drawn a lot of attention, not only because its daily trade volumes were more than double Opensea’s on the second day of trading, but also because it has become the new playground for wash traders.
Wash trading is a series of trading activities involving the same trader buying and selling the same instrument simultaneously, creating artificially high trading volume and a manipulated market price for the asset in play.
LooksRare vs. OpenSea volume and unique users. Source: Dune Analytics @elenahooLooksRare vs. OpenSea volume and transactions. Source: Dune Analytics @elenahooLooksRare’s trading rewards allocation. Source: LooksRareLooksRare’s trading rewards allocation. Source: LooksRareTop 10 Traders on the largest volume day — Jan 19, 2022. Source: Dune Analytics @elenahooAn example of a wash trading on Loot. Source: LooksRareBuy amount on Jan 19, 2022 from the whale trader’s two wallets. Source: Dune Analytics @elenahooSell amount on Jan 19, 2022 from the whale trader’s two wallets. Source: Dune Analytics @elenahooRewards claimed 24 hours prior to time of writing (Jan. 24, 2022). Source: Dune Analytics @elenahooRewards claimed on Jan. 19, 2022. Source: Dune Analytics @elenahoo
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
