BLUR Witnesses Massive Whale Activity
BLUR, a cryptocurrency backed by Paradigm, has recently experienced significant whale activity. Market data shows that whales have transferred over 7 million BLUR tokens to centralized exchanges like Binance and OKX. This transfer of tokens suggests a potential increase in supply, leading to a decrease in demand for the cryptocurrency. As a result, the price of BLUR has seen a substantial decline.
An In-Depth Look at BLUR Whale Activity
According to Spot on Chain, a platform that tracks blockchain transactions, one whale deposited 3.75 million BLUR tokens to Binance and OKX. This whale acquired these tokens from OKX at a lower price, indicating a significant profit. Another whale transferred 1.67 million BLUR tokens to Binance, also profiting from the price difference between OKX and Binance. Wintermute Trading, a prominent market maker, deposited 1.75 million BLUR tokens to OKX.
BLUR Price Plummets
The price of BLUR has dropped by 12.12% to $0.5274. However, the token has seen an impressive 54.11% surge over the past week. Additionally, the twenty-four-hour trading volume has fallen by 12.80% to $358.95 thousand. These price fluctuations align with the increased supply of BLUR tokens due to whales depositing them on exchanges.
Hot Take: BLUR Faces Challenges Amidst Whale Activity
The recent surge in whale activity surrounding BLUR has had a negative impact on the cryptocurrency’s price. The transfer of millions of tokens to exchanges suggests an increase in supply and reduced demand, resulting in a significant price drop. While BLUR experienced a remarkable surge in the past week, these recent developments have caused a setback. It remains to be seen how the market will react and whether BLUR can regain its momentum in the face of whale activity.
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