Massive Blur sell-offs continue days after airdrop announcement

• Over 19 million BLUR has been moved to the OKX exchange.
• The number of token holders has remained high despite sell-offs.

A substantial amount of Blur [BLUR] tokens have been actively traded on exchanges following a recent airdrop. One of the recipients of the airdrop swiftly transferred all the received tokens to an exchange.

Now, the question arises: what impact has this movement had on the exchange’s balance?

Blur recipient moves tokens to exchange

Recent data provided by Lookonchain showed that the second-highest recipient of the Blur airdrop has successfully transferred all the received tokens to an exchange. The wallet in question received a total of 19.9 million tokens, valued at approximately $11.8 million.

The tokens were subsequently moved to the OKX exchange, where they were sold at an average rate of $0.44. As a result, it is anticipated that the address will receive around $8.77 million from the token sales. 

One key consideration is whether these recent transactions have had an impact on the overall number of token holders.

Token holders spike to record-high

AMBCrypto’s analysis of the BLUR token holders revealed a notable surge in sentiment following the airdrop. The chart showed that around the 21st of November, the day the airdrop announcement was made, the number of token holders rose to over 44,000.

Before then, the count was around 42,000. As of the latest data, the number of holders has surpassed 47,000, although a slight decrease has been observed. This decline can be attributed to substantial sell-offs that have taken place since the occurrence of the airdrop.

Source: Santiment

Analyzing the Blur historical balance on OKX

An examination of the historical Blur balance on OKX revealed a diminishing volume of tokens on the exchange. At the peak of the token inflow, around 159 million tokens were noted on the 21st of November. 

Source: Santiment

However, this volume gradually decreased to around 13 million at press time. This trend indicated a reduction in the number of tokens being sent to exchanges for sale. Despite the recent surge in volume, there has been a general decline.

The sustainability of this volume will become clearer in the coming days, particularly after all the airdropped tokens have been claimed.

Read Blur’s [BLUR] PricePrediction 2023-24

Is an ARB correction incoming?

Analysis of BLUR’s daily timeframe showed a 72% increase since the announcements of its airdrop and listing on Binance [BNB]. However, the past two days have seen a consecutive decrease in value.

By the close of trading on the 25th of November, there was a decline exceeding 7%. As of press time, it had decreased further, albeit less than 1%, with the token trading at around $0.59.

Source: TradingView