Main navigation

BLUR up 17% After Sensational Airdrop, Here's How Whales Act

Wed, 02/15/2023 - 15:13
article image
Gamza Khanzadaev
Here's how big players are managing their holdings in BLUR after NFT marketplace token hits market
BLUR up 17% After Sensational Airdrop, Here's How Whales Act
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

BLUR, the token of the NFT marketplace of the same name, is showing a price increase of almost 20% today. The token's price action comes on the day after the airdrop, in which more than 300 million BLUR were distributed. Valued at $1 at the start of the distribution, the airdrop of Blur token was sold out as it usually is, and at one point the price dropped to $0.48.

Shiba Inu (SHIB) Payments Expand to NFT Marketplaces, 40 Countries via These Integrations

BLUR: buy or sell?

Not all major BLUR airdrop recipients sold off their tokens. For example, of the three largest ones with a combined drop size of 8.67 million BLUR, only one whale sold a portion of one million tokens. Overall, according to Nansen, 24.5% of distributed BLUR has been sold, but this also includes a share of seven addresses from the top 20 airdrop recipients.

Large investors have also been buying up BLUR since the airdrop. For example, according to Lookonchain, one crypto investor bought more than a million tokens with an average purchase price of $0.46. But this case is more of an exception, with other market participants of a similar scale making their purchases at around $0.66 per BLUR.

Arbitrum Becomes Fourth Biggest Chain on Eve of Long-Awaited ARBI Airdrop

The token is now quoted at $0.8 and has a market capitalization of $286 million. It is hard to say what lies ahead for BLUR when most of the tokens are still held by airdrop recipients, which keeps pressure on the price.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.