The BLUR cryptocurrency gained significant attention in the cryptocurrency community due to a surge in whale activity.
BLUR, a cryptocurrency supported by Paradigm, has recently captured considerable attention in the cryptocurrency space. This surge in interest comes as large-scale whale activity was observed on November 27, with whales moving more than 7 million BLUR tokens to centralized exchanges such as Binance and OKX.
The transfer of cryptocurrencies to exchanges suggests a potential increase in supply, leading to a decrease in demand for the cryptocurrency. In line with this movement, the BLUR price experienced a notable decline at the time of writing.
Whale Transactions Impact BLUR Price: Insights from Spot on Chain
Recent data from Spot on Chain, a blockchain tracking platform, reveals a notable impact on the BLUR price following significant whale transactions. A whale with the address 0x13d deposited 3.75 million BLUR to Binance and OKX at approximately $0.629, marking a cool-down in the BLUR price after the tokens were dumped to exchanges. The wallet had accumulated these holdings from OKX at $0.535 two days prior, suggesting an estimated profit of $353,000.
In a separate transaction, another whale (wallet address 0x387) transferred 1.67 million BLUR to Binance at $0.629, having obtained these holdings from OKX at $0.375 five days earlier. This move indicated an estimated profit of $424,000. Notably, this wallet is linked to orz-allinornothing.eth.
Additionally, Wintermute Trading, a prominent crypto market maker, deposited 1.75 million BLUR to OKX about 12 and 9 hours ago. The data indicates that the market maker has deposited a total of 4.25 million BLUR to both Binance and OKX over the past two days.
These substantial coin transfers to exchanges align with the recent decline in the token’s value, raising speculations and discussions among crypto market enthusiasts.
BLUR Price Takes a Hit After Whale Activity
The BLUR price has experienced a significant decline of 12.12%, reaching $0.5274 at the time of writing. Despite this downturn, the token had previously demonstrated an impressive surge of 54.11% over the past week.
Simultaneously, the twenty-four-hour trading volume saw a decrease of 12.80%, reaching $358.95 thousand at the time of writing.
The observed drop in the token’s price aligns with recent large-scale coin transfers to exchanges, indicating an uptick in the total supply of the cryptocurrency.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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