{"id":53782,"date":"2023-07-05T09:38:56","date_gmt":"2023-07-05T13:38:56","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=53782"},"modified":"2023-07-05T09:39:16","modified_gmt":"2023-07-05T13:39:16","slug":"blur-sell-off-by-airdrop-whale-raises-market-concerns","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/blur-sell-off-by-airdrop-whale-raises-market-concerns\/","title":{"rendered":"BLUR Sell-Off by Airdrop Whale Raises Market Concerns"},"content":{"rendered":"\n

A wallet address that received a large amount of BLUR tokens<\/a> through airdrops has sold off 3.2 million tokens, raising questions about the impact on the $BLUR market and the motives behind the move.<\/p>\n\n\n\n

\"BLUR<\/figure>\n\n\n\n

The wallet address known as \u201c0xD5eE\u201d<\/strong> has made a significant move by selling off approximately 3.2 million BLUR tokens<\/strong>, which hold a value of $1.15 million.<\/strong> <\/p>\n\n\n\n

This wallet address had previously attracted attention due to its massive accumulation of BLUR tokens received through airdrops<\/a> from Blur, an NFT marketplace that competes with OpenSea.<\/p>\n\n\n\n

Blur\u2019s token distribution strategy for NFT traders<\/h4>\n\n\n\n

Blur\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> is an NFT marketplace launched in October 2022 with the promise of token rewards for traders. The platform claims to be the \u201cmarketplace for pro traders\u201d<\/strong><\/em> and offers features such as price alerts, bid history, and advanced filters.<\/p>\n\n\n\n

Blur has distributed its governance token, BLUR, to eligible Ethereum NFT traders through a series of airdrops. The first wave<\/use><\/svg><\/span><\/a> was made available to traders who had used a competing marketplace six months before Blur\u2019s launch. <\/p>\n\n\n\n

The second wave<\/use><\/svg><\/span><\/a> was for Blur users who listed their NFTs for sale on the platform through November. The final wave was for traders who bid on NFTs through Blur.<\/p>\n\n\n\n

The airdrop recipients received \u201ccare packages\u201d<\/strong> that represented their token allotments. The care packages could be opened from February 14, 2023, after a delay from the original date of January 31, 2023. <\/p>\n\n\n\n

According to Blockchain data, BLUR has over 33,000<\/strong> unique wallet holders as of Wednesday morning.<\/p>\n\n\n\n

The airdrop whale that sold off BLUR tokens<\/h4>\n\n\n\n

The wallet address \u201c0xD5eE\u201d is one of the top recipients of BLUR tokens through the airdrops. <\/p>\n\n\n\n

According to the on-chain analysis platform Lookonchain, the wallet address sold approximately 3.2 million BLUR tokens<\/strong> on Wednesday, which amounts to about 1.6%<\/strong> of the total supply of BLUR.<\/p>\n\n\n\n

The reason behind this move is unclear, but there are a number of plausible explanations. <\/p>\n\n\n\n

One possibility is that the wallet owner decided to cash out after BLUR\u2019s recent surge in value following Upbit<\/use><\/svg><\/span><\/a>, South Korea\u2019s leading exchange, announcing a new trading pair involving $BLUR and the Korean fiat currency, KRW.<\/p>\n\n\n\n

A second hypothesis is that the wallet owner was influenced by the movement of BLUR tokens by Wintermute Trading, a market maker that provides liquidity to crypto exchanges and platforms. <\/p>\n\n\n\n

CoinGape previously reported that Wintermute trading moved<\/use><\/svg><\/span><\/a> large amounts of BLUR tokens in January, raising speculation of a possible dump.<\/p>\n\n\n\n

A third possibility is that the wallet owner lost faith in Blur\u2019s project or tokenomics and decided to exit the market.<\/p>\n\n\n\n

Market Reaction and Outlook for $BLUR<\/h4>\n\n\n\n

Since reaching its all-time high of $45.98<\/strong> on February 13, 2023, the value of $BLUR has witnessed a significant decline of 99.22%<\/strong>, currently priced at $0.3554. <\/strong><\/p>\n\n\n\n

The recent price movement of -$0.009268 (a 2.54% decrease)<\/strong> and the 24-hour trading volume of $62,067,114 (a 48.02% decrease)<\/strong> indicate a period of consolidation and uncertainty.<\/p>\n\n\n\n

Furthermore, the total value locked in BLUR tokens, as seen on Defilama<\/use><\/svg><\/span><\/a> at the time of publication, is $150.58 million.<\/strong> <\/p>\n\n\n\n

As market participants closely monitor these developments, they will be keen to observe how the $BLUR market responds in the coming days and weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"

A wallet address that received a large amount of BLUR tokens through airdrops has sold off 3.2 million tokens, raising questions about the impact on the $BLUR market and the motives behind the move. The wallet address known as \u201c0xD5eE\u201d has made a significant move by selling off approximately 3.2 million BLUR tokens, which hold […]<\/p>\n","protected":false},"author":44,"featured_media":53784,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[866,13409,15132,1138],"class_list":["post-53782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-airdrop","tag-blur","tag-blur-tokens","tag-markets"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/Blur-Featured.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=53782"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/53784"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=53782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=53782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=53782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}