BLUR Is Down 30%, And Whales Are To Blame–Here’s Why


Blur, a decentralized non-fungible token (NFT) marketplace, and OpenSea competitor is under pressure, tumbling by over 30% from its November peaks. While BLUR retreats, on-chain data reveals that BLUR whales have been moving their tokens to leading crypto exchanges, possibly to liquidate.

Whales On A Possible Selling Spree

According to Lookonchain data on December 7, several whales have been offloading large amounts of BLUR. To illustrate, 16.85 million BLUR, worth roughly $8.43 million, were deposited to exchanges in the past 24 hours. 

Notably, one whale deposited 2.54 million BLUR, worth $1.26 million, received from the airdrop to Binance. At the same time, Mandala Capital transferred 2.76 million BLUR, worth $1.4 million, to OKX. 

Mandala Capital sends BLUR to OKX | Source: Lookonchain via X

The deluge continued as another whale, only marked by the associated “0x68b5” address, withdrew 3.31 million BLUR worth $1.79 million from Binance between November 25 and 29 before moving them to the same exchange on December 1. The token had fallen, meaning the whale was down by roughly $65,000.

It is unclear whether the same addresses are sold for USDT or other tokens. However, what’s known is that any whale transfers to a centralized exchange is associated with liquidation. Accordingly, sentiment is impacted when whales move coins in large batches to exchanges, and retailers could interpret their transfers as incoming selling pressure.

BLUR Is Up 220% From October Lows

Thus far, looking at price action, buyers have the lead from a top-down preview. The coin is already up 220% from October lows. Most importantly, buyers have the upper hand, looking at the candlestick arrangement in the daily chart. 

Even though the token is down 30% from November peaks, the failure of bears to force the coin below the 20-day moving average (MA) in the daily chart suggests that the uptrend is still valid. Losses below $0.46, or the base of the current bull flag, might trigger a sell-off. Conversely, any upswing above $0.58 and even $0.69–or November highs, could drive more demand, lifting BLUR to $0.84 or higher in the coming sessions.

BLUR prices trending sideways on the daily chart | Source: BLURUSDT on OKX, TradingView
BLUR prices trending sideways on the daily chart | Source: BLURUSDT on OKX, TradingView

Related Reading: Binance CEO Disputes JPMorgan Chief’s Critique Of Crypto

Whether the uptrend will resume also remains to be seen. What’s clear, though, is that the broader community is closely monitoring the NFT scene and Blur, the marketplace. The recent upswing was due to the activation of Season 2 Airdrop, which ended on November 20.

Ahead of this, the token was already up 150%, only to extend gains briefly before cooling off in the first week of December.

Feature image from Canva, chart from TradingView





Source link: https://www.newsbtc.com/nft-market/blur-down-30-whales-to-blame/

Sponsors

spot_img

Latest

The second generation Apple Pencil drops to a new low of $85

Apple’s stylus is you can buy for an iPad Pro or iPad Air, but at $125, it’s not the most affordable...

Dining Room Wallpaper – A Beautiful Mess

In today’s post, I’m so excited to share our dining room wallpaper. When designing a small space like our breakfast nook (located off...

Bill Watterson Returns to Comics with “Grown Up” Graphic Novel

Bill Watterson’s Calvin & Hobbes series is one of the most well known comic strips around. Even though it went out of publication...

PlayStation Plus adds Yakuza, Far Cry with last games of 2022

Connect with gaming and metaverse leaders online at GamesBeat Summit: Into the Metaverse 3 this February 1-2. Register here. PlayStation has announced which games...

Danny Murphy urges Declan Rice to leave West Ham this summer amid links with Arsenal, Manchester United and Chelsea

Declan Rice has been urged to leave West Ham for the sake of his career by Danny Murphy. Murphy added that the 24-year-old England...