BLUR Is Down 30%, And Whales Are To Blame–Here's Why

Blur, a decentralized non-fungible token (NFT) marketplace, and OpenSea competitor is under pressure, tumbling by over 30% from its November peaks. While BLUR retreats, on-chain data reveals that BLUR whales have been moving their tokens to leading crypto exchanges, possibly to liquidate.

Timeline of Blur-token

Bitcoin (CRYPTO: BTC) moved lower, with the cryptocurrency prices falling below the key $37,000 level on Monday. Ethereum (CRYPTO: ETH) also recorded losses, but remained above the key $2,000 mark this morning.

BLUR, a cryptocurrency backed by Paradigm, recently gained significant traction within the cryptocurrency universe as the token witnessed massive whale activity as of today, November 27. As per market data, whales transferred over 7 million BLUR to centralized exchanges like Binance and OKX.

BLUR founder addressed concerns over the seemingly attractive yield for Blast adding that they are not unsustainable but just fundamental components of both on-chain and off-chain economies.

The prior week's notable increase in options trading and derivatives activity made the market look positive. When the price of Bitcoin surpassed $38,000 and set a new record for 2023, buyer interest in the top altcoins increased.

The cryptocurrency market has experienced a remarkable surge this past week, with notable gains across various digital assets. Blur (BLUR) leads this week's pack with an impressive 81.84% increase in value.

According to Lookonchain data, Sigil, a fund in Gibraltar, has exited BLUR, one of this week's top-performing tokens, for Lido DAO's LDO, and IMX, the native token Immutable X–a layer-2 scaling solution primarily dedicated to NFT trading. Sigil Fund Sells BLUR For IMX And LDO On November 24, Lookonchain, a crypto analytics platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth roughly $1.14 million, and 210,905 LDO, trading at $540,000, at spot rates.

A non-fungible token (NFT) marketplace is surging after being listed by the largest crypto exchange platform by volume in the world. In a new announcement, crypto exchange Binance says it is listing BLUR, the governance token of Altcoin Blur, a decentralized NFT marketplace that offers real-time price streams and comparisons.

Leading cryptocurrency exchange Binance has revealed plans to list Blur (BLUR) crypto. Further, the platform will open trading for spot pairs BLUR/BTC, BLUR/TRY, and BLUR/USDT in November 2024. Meanwhile, the development attracted crypto players, considering BLUR's recent remarkable price surges. Binance has opened deposits for BLUR tokens as users prepare to begin trading.

Blur grabs massive attention from the crypto community, especially whales, amid Blur's second airdrop and Blur founder Tieshun Roquerre's Ethereum L2 Blast spiking 20,000% in TVL. On-chain data reported that nearly 25 whales have purchased BLUR tokens since the second airdrop, inducing the BLUR price to witness a massive rally of 90% in a week.

BLUR, the native token of non-fungible token (NFT) marketplace Blur is extending its parabolic run today amid broader crypto market consolidation moves. The token is up by 27.92% at the time of writing, extending its spot market valuation to $0.6322.