Love Lost: BLUR Token Fails to Live Up to Valentine's Day Hype
CoinMarketCap data shows that a month after the launch of BLUR, the governance token of the non-fungible token (NFT) marketplace Blur, its value has experienced an enormous 98% drop.
The token was eagerly anticipated for several months. It was finally released on Valentine's Day, leading to a surge in its value to nearly $50 as community members began claiming and trading the airdropped tokens. However, its value has rapidly declined, and currently, it is trading under $1.
It is common knowledge that the growth in a token's network activity often culminates in a rally in its price. However, data from Sanbase shows that BLUR has seen a steady decline in the number of daily active addresses trading the altcoin in the last month.
Similarly, new demand for BLUR tokens has plummeted. As weighted sentiment continues languishing in the negative territory, investors appear uninterested in supplying the needed liquidity into the BLUR market. Should this continue, more price downside is imminent.
With increased BLUR sell-offs in the last month, the alt's supply on exchanges has climbed steadily. Conversely, its supply outside of exchanges has fallen. This means as BLUR price falls, investors have taken to distributing their BLUR holdings to prevent further losses on investments.
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