Connect with us
Active Currencies 14759
Market Cap $2,545,575,391,351.20
Bitcoin Share 51.32%
24h Market Cap Change $-0.72

BLUR prices plunge 10% in 24 hours – Are holders losing interest?

2min Read

BLUR witnessed a decrease in its price as whales and institutional investors alike sold the altcoin at a loss. 

Share this article

  • BLUR’s price declined by almost 10% on 7th December.
  • This was due to increased sell-offs by the token whales and institutional investors. 

BLUR’s price experienced a significant drop during the trading session on the 7th of December, plummeting by nearly 10% in a single day. 

According to on-chain sleuth Lookonchain, the sharp decline in the altcoin’s value was due to a surge in selling activity by BLUR whales and its institutional investors. On that day, they distributed a cumulative of 16.85 million tokens worth around $8 million.

Lookonchain found that private equity firm Mandala Capital deposited 2.76 million BLUR tokens worth $1.4 million to crypto exchange OKX. From this transaction, the firm incurred a loss of approximately $100,000.

Further, five wallets that received BLUR tokens from Coinbase Custody deposited them into various exchanges via Wintermute. This series of transactions involved 8.24 million BLUR tokens worth over $4.12 million.

Another whale that had withdrawn some of its BLUR holdings from Binance between 15th and 29th November sent them back to the exchange within the last two days to incur a $65,000 loss. 

There is low interest in holding BLUR

While BLUR’s value has since recorded a minor upward correction, the price/volume divergence seen in the past 24 hours hinted at the presence of lingering bearish sentiments in the token’s spot market.

At press time, the altcoin exchanged hands at $0.5024, seeing a 2% price growth in the last 24 hours, according to CoinMarketCap. However, within the same period, the token’s trading volume has dipped by almost 15%.

The movement of BLUR’s price and trading volume in opposite directions during the same time frame presents a bearish divergence. 

This means that a small group of investors may be buying the altcoin to push its price up, especially after the significant sell-offs by the whales. However, there is little broader market interest.

An assessment of BLUR’s Money Flow Index (MFI) on a daily chart confirmed the low interest in the token. At press time, this indicator’s value was 28.63 and positioned in a downtrend. 

At this value, the token’s MFI signaled that BLUR distribution significantly outpaced accumulation among daily traders.  

How much are 1,10,100 BLURs worth today?

Showing that the 2% price rally in the last 24 hours was not backed by any real demand for the token, BLUR’s Aroon Up Line (orange) was 0% as of this writing. 

This indicator is used to identify trend strength and potential trend reversal points in a crypto asset’s price movement. When an asset’s Aroon Up Line is close to zero, the uptrend is weak. It also suggests that the most recent high was reached a long time ago. 

Source: TradingView


Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.