BLUR Price Nosedives as Whales Capitulate, Incurring Millions of Dollars in Losses

This transaction is part of a trend observed following the Blast airdrop, which caused BLUR's price to plummet.

A whale has reportedly lost $5.79 million after accumulating BLUR tokens over several months and selling them at a 61% loss.

According to Spotonchain analysis, the whale began accumulating BLUR tokens in December 2023 at an average price of $0.54 per token. However, the whale sold the tokens on June 28, 2024, at a price of $0.21 per token, as indicated by on-chain data. At the time of sale, the total value of the tokens was $3.71 million.

Spotonchain’s analysis also revealed that five whales had moved 44.73 million BLUR tokens (around $9.63 million) to centralized exchanges (CEXs) over the past two days, resulting in a collective loss of $13.4 million. The analysis also highlighted the broader market trend, with BLUR continuing to fall after the Blast ecosystem airdrop.

BLUR’s price has seen a significant decline following the recent Blast ecosystem airdrop, which sparked a surge in the NFT marketplace aggregator's token price. However, the price quickly reversed course, and the recent transaction by a whale accumulating the token during its price surge might indicate an attempt to minimize losses.

Blur has been introducing various activities to drive adoption, including incentives for earning points through bidding, listing sales, and lending. Current Coinmarketcap data showed that BLUR’s price has increased about 1.1% in the last 24 hours. However, its year-on-year price is still down over 41%, and its 24-hour trading volume is down almost 67%.

Blur is an NFT marketplace aggregator founded by Pacman, who is also the founder of Blast (a platform that enables the interactions among Layer 2’s on Ethereum). However, the former's native token is BLUR, while the latter's is BLAST.

Hence, any events concerning Blur and its token affect Blast and vice versa. According to Coinmarketcap data, BLAST’s price and trading volume are down 5.26% and 64.8% in the last 24 hours. The BLAST token launch followed the Blast Foundation launch, with the BLAST token debuting at $3B in fully diluted value (FDV).