Binance opens BLUR trading floor as price surges 25%
- Spot trading of BLUR has resumed on the exchange.
- The price climbed double-digits as buying pressure increaased.
Blur [BLUR], the ERC-20 token of the Blur NFT marketplace, has been listed on Binance. According to Binance, spot trading for BLUR/USDT and BLUR/BTC pairs was to be open by 9.00 am UTC on 24th November.
A confirmation by AMBCrypto showed that traders could assess the trading pairs at the time of writing. However, the exchange, in its disclosure, noted that leverage trading would not be available until 25 November.
Belief brings gains for BLUR holders
As a result of the announcement, the BLUR token price increased. At press time, BLUR exchanged hands at $0.62, indicating a 25.47% hike in the last 24 hours. However, that was not the only interesting incident relating to the project.
According to Lookonchain, some recipients of BLUR airdrop who failed to sell all of their rewards also gained from the increase. Coincidentally, some of these market players are part of the top 20 holders of the cryptocurrency.
Lookonchain revealed that one address made $324,000 in profit. Another made a $240,000 gain by selling some of his holdings.
— Lookonchain (@lookonchain) November 24, 2023
Meanwhile, the sell-off does not mean that new buyers are not coming in. This is because the same smart money tracking handle noted that there has been another large buy. This time, it was Machi Big Brother, a famous trader on X, doing the buying.
Machi exchanged some of his ApeCoin [APE] holdings for 1.4 million BLUR at an average price of $0.55.
This means that the trader is in profits considering the BLUR press time price. Furthermore, BLUR’s impressive performance has had an impact on the project’s market cap.
Another bounce may be underway
At the time of writing, the market cap had increased to 682.05 million. The rise in the market cap suggests that there has been an increase in BLUR’s circulation alongside the price increase.
Also, its market cap is now ranked number 75 in the standings.
Like the price and market cap, active addresses on the Blur network increased. As of 23rd November, active addresses were as low as 5240. But as of this writing, the metric had increased to 7295.
The surge in active addresses is a testament to the traction gained by Blur as a result of the increase in transactions. Another metric that followed in the same direction is social dominance.
Social dominance measures the rate of discussion around an asset when compared to others in the top 100.
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When linked to the price, the rise in social dominance is an indication of a market rebound.
So, it is possible that BLUR’s value may continue to rise in the short term as long as selling pressure does not overwhelm the market.