- Binance lists BLUR, leading to a 25.47% price surge.
- Recipients of BLUR airdrop profit from the surge, with some top holders making substantial gains.
- Market indicators, including increased market cap and active addresses, hint at a potential short-term uptrend.
Blur [BLUR], the ERC-20 token associated with the Blur NFT marketplace, has found its way onto the prestigious Binance trading platform. Binance officially opened spot trading for BLUR/USDT and BLUR/BTC pairs at 9:00 am UTC on November 24th, as per their earlier announcement.
A swift check on the platform confirmed that traders were actively engaging with these trading pairs, although Binance clarified in their disclosure that leverage trading options would only become available starting November 25th.
The announcement of BLUR’s listing on Binance triggered a notable surge in its token price. As of the latest update, BLUR is exchanging hands at $0.62, reflecting an impressive 25.47% increase in the last 24 hours. However, the surge isn’t the only noteworthy development surrounding the project.
According to insights from Lookonchain, individuals who were recipients of the BLUR airdrop and opted to retain some of their rewards are now reaping the benefits of the price spike. Interestingly, some of these beneficiaries rank among the top 20 holders of BLUR cryptocurrency.
Lookonchain revealed that one wallet made a staggering $324,000 in profit, while another savvy holder gained $240,000 by strategically selling a portion of their BLUR holdings.
— Lookonchain (@lookonchain) November 24, 2023
Despite these sell-offs, the influx of new buyers remains evident. Notably, the smart money tracker identified a substantial buy from Machi Big Brother, a renowned trader on the platform X. Machi traded a portion of his ApeCoin [APE] holdings for a sizable 1.4 million BLUR tokens at an average price of $0.55.
BLUR’s exceptional performance is also making waves in its market capitalization, which has now climbed to $682.05 million, securing the 75th spot in the market cap rankings.
There are indicators suggesting that another market bounce may be on the horizon. The increase in BLUR’s market cap implies a rise in its circulation, coupled with the surge in active addresses on the Blur network. From a low of 5240 active addresses on November 23rd, the current count has surged to 7295, emphasizing the heightened interest and engagement in BLUR transactions.
Additionally, social dominance, a metric measuring the level of discussions around an asset in comparison to other top 100 cryptocurrencies, has experienced a noticeable uptick. This surge in social dominance, when correlated with the rising price, suggests a potential market rebound for BLUR.
As long as selling pressure doesn’t overpower the market, there’s a optimistic outlook that BLUR’s value could continue its upward trajectory in the short term. Investors and enthusiasts will be keenly observing how this dynamic play unfolds in the coming days.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.