98.88% of Blur (BLUR) Holders at Loss, Data Hints at Surprising Fact

Blur (BLUR) is a cryptocurrency that got a lot of attention and popularity soon after it was released. However, according to recent data, 98.88% of BLUR holders are currently losing money.
 
According to IntoTheBlock, an on-chain analytics firm, 98.88% of BLUR holders are losing money relative to the price at which they obtained the tokens.

The BLUR token sparked a lot of interest when it was first released. The value of BLUR rose significantly, with many early buyers profiting handsomely. The BLUR token subsequently reached an all-time high of nearly $45 shortly after its launch in February.

98.88% of $BLUR holders are at a loss relative to the price when they received the tokens pic.twitter.com/KkT2p2P4qg

— IntoTheBlock (@intotheblock) July 7, 2023

When the Blur platform was first introduced in October of last year, it positioned itself as the platform for professional NFT traders and teased a token airdrop that would make choosing Blur over OpenSea and other competitors advantageous. Blur quickly overtook OpenSea to take the number one spot in terms of trade volume.

Blur's trading activity rapidly increased, raising the market's total for February past $2 billion. However, some in the space dubbed the flipping "wash trading."

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Blur's "success" was only temporary. The volume of trading on the market as a whole has decreased significantly in recent months, and whale traders are either suffering losses or withdrawing their money from Blur's NFT bidding pool.

The wallet with the most BLUR airdrops finally decided to sell BLUR, according to a report from Lookonchain on July 4.

The whale wallet consequently deposited the airdropped 3.2 million BLUR, worth $1.15 million at current prices, to the OKX crypto exchange. At the BLUR price peak, these 3.2 million BLUR were worth about $4.3 million.

As of right now, the BLUR token has fallen 99.29% from its all-time high of $45.48. The BLUR price dropped to an all-time low of $0.296 on June 12. At the time of writing, BLUR has increased by 1.60% to $0.32 over the previous 24 hours.