BLUR Token Sees Major Gains Ahead of Binance Listing
The native token of NFT marketplace Blur, BLUR, has experienced significant double-digit gains in the past week leading up to an announcement by Binance about listing the asset. Despite recently releasing 300 million tokens into circulation, increasing its supply to over 1.1 billion, BLUR’s surge has been remarkable.
BLUR Rallies 83%
Blur recently conducted an airdrop that distributed 300 million reward tokens worth around $160 million to traders on its marketplace. Over 38,000 addresses have claimed more than 267 million tokens so far, and more users are expected to claim their rewards soon.
Despite the large release, BLUR has been one of the top performers this week, with an increase of over 83% to $0.61 at the time of writing. The Binance listing has contributed to a 24-hour rally of over 26%. BLUR can be traded against BTC, USDT, and TRY.
Bull Market Vibes?
Typically, large token releases result in selling pressure and a decrease in price. However, BLUR has defied this trend and continued to soar. Some speculate that this could be due to “bull market vibes” in the crypto space. Analysts have also observed patterns indicating the start of a bull market.
Bitfinex has identified certain investor behavior suggesting we may be in the early stages of a bull market. There is low sell-side liquidity as long-term BTC holders hold onto their assets, indicating confidence in further price increases. These claims are supported by the upcoming Bitcoin halving event.
Hot Take: BLUR Token Shines Amidst Token Release
Despite releasing a significant number of tokens into circulation, BLUR has experienced remarkable gains, defying the usual selling pressure. The announcement of its listing on Binance has further boosted its price. This surge in the midst of a token release suggests strong bullish sentiment in the crypto market. Analysts have also observed patterns indicating the start of a bull market. With low sell-side liquidity and long-term BTC holders holding onto their assets, there is a belief that prices will continue to rise. The upcoming Bitcoin halving event adds to the positive outlook for cryptocurrencies.
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