The Blur token has drawn significant attention from the cryptocurrency community, especially whales, following Blur’s recent second airdrop and Ethereum L2 Blast initiated by Blur founder Tieshun Roquerre, resulting in a staggering 20,000% increase in Total Value Locked (TVL). Recent on-chain data has indicated a notable surge in the purchase of BLUR tokens by nearly 25 whales, igniting a massive rally that pushed the BLUR price up by a whopping 90% within a week.
Amid the Blur NFT marketplace’s rollout of staking features, these whales have actively engaged in accumulating and staking BLUR tokens. According to Spot on Chain’s report released on November 24, these whales have collectively purchased 60.8 million BLUR tokens, amounting to over $32 million, with a significant portion staked, totalling 59.6 million BLUR tokens.
In a span of just 6 hours, two whales added 6.79 million BLUR tokens to their stakes. Whale address 0x13d withdrew 3.75 million BLUR ($2.01M) from OKX exchange, while whale 0x602 withdrew 3.04M ($1.56M) from Upbit.
This surge in whale activity coincided with the tremendous success of Blast, the L2 network initiated by Blur’s team, which swiftly surpassed $300 million in Total Value Locked (TVL) within a mere 4 days of its launch.
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On-chain data revealed that a significant portion of BLUR tokens, amounting to $204 million, is currently staked, with only $88 million unstaked. Among the staked tokens, approximately $87 million originated from airdrops. Presently, there are 339 million BLUR tokens staked, with an average price of $0.342, offering an average return of 78%.
According to Lookonchain data, the top 20 BLUR token holders possess 2.81 billion tokens valued at $1.75 billion, accounting for nearly 94% of the total supply. A total of 337.6 million BLUR tokens, representing 11.25% of the total supply and 30.64% of the circulating supply, are staked.
This shift in ownership dynamics coincides with Blur experiencing close to 100% gains following its recent listing on Binance.
Following the listing on Binance, the BLUR token surged by 20%, resulting in an overall 30% uptick in its daily performance. Currently trading at $0.62, the token reached a 24-hour high of $0.638. Despite a modest 6% rise in trading volume over the past 24 hours, suggesting significant buying activity predominantly by whales, market analysts anticipate potential price volatility in the near term.
Additionally, concerns persist that major BLUR token holders might consider offloading their holdings in response to the recent Binance listing.