Whales Selling Off BLUR Tokens
A decentralized NFT marketplace called Blur is facing pressure as its token, BLUR, has dropped by over 30% from its November highs. On-chain data reveals that large holders of BLUR, known as whales, have been moving their tokens to major crypto exchanges, which could indicate a selling spree.
According to Lookonchain data, several whales have deposited significant amounts of BLUR to exchanges in the past 24 hours. For example, one whale deposited 2.54 million BLUR received from an airdrop to Binance, while Mandala Capital transferred 2.76 million BLUR to OKX.
Another whale withdrew 3.31 million BLUR from Binance before moving them back to the same exchange. The transfers to centralized exchanges are often associated with liquidation, which can impact market sentiment and lead to selling pressure.
BLUR Price Action and Uptrend
Despite the recent decline, BLUR has seen a significant increase in price since October, rising by 220%. The daily chart suggests that buyers still have the upper hand, as the coin remains above the 20-day moving average (MA).
If the coin falls below $0.46 or the base of the current bull flag, it could trigger a sell-off. However, an upward movement above $0.58 and even $0.69 (November highs) could drive more demand and potentially push BLUR to $0.84 or higher in future sessions.
The Future of BLUR and NFT Marketplaces
It remains uncertain whether the uptrend will continue or if there will be further selling pressure on BLUR tokens. However, the broader crypto community is closely watching Blur and the NFT marketplace scene. The recent price increase was due to the activation of Season 2 Airdrop, which ended in November.
Overall, the movement of BLUR tokens by whales and the performance of the NFT marketplaces will continue to be monitored by investors and traders.
Hot Take: BLUR Faces Selling Pressure as Whales Liquidate
Blur, a decentralized NFT marketplace, is experiencing a decline in its token price as whales sell off their BLUR tokens. The movement of large amounts of BLUR to major exchanges suggests that these whales may be liquidating their holdings. While BLUR has seen significant growth in recent months, it remains to be seen whether the uptrend will continue or if there will be further selling pressure. The broader crypto community is closely watching Blur and the NFT marketplace scene, as these developments can impact market sentiment and trading decisions. Investors and traders will continue to monitor the situation as it unfolds.
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