Blur holders see gains slip away, but is there reprieve in sight?
- BLUR holders were stuck in the deep trenches of unprofitability at press time.
- BLUR’s TVL and marketcap offered a glimmer of hope.
What comes to your mind when you think of the Blur [BLUR] token? Perhaps an image of someone seeing a blurred vision (pardon the pun), considering its weak price action since its heavily hyped lunch.
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BLUR’s performance has been nothing short of a disappointment for most of its holders. IntoTheBlock recently noted that 98% of all BLUR holders have yet to break even compared to their purchase price.
This is despite the upside that we have seen with most top cryptocurrencies since the start of 2023.
— IntoTheBlock (@intotheblock) July 7, 2023
BLUR’s pricing data dates as far back as mid-February 2023, with an initial price of around $0.65. It had a bullish first week with prices peaking at $1.40. However, it has endured overall sell pressure since then.
BLUR hit its lowest price point at $0.28 in the second week of June. It exchanged hands at $0.32 at the time of writing, which is still near its historic low. This explains why most holders were at a loss at press time.
Why the bearish performance? One of the reasons why BLUR’s price action is so bearish could be profit-taking by pre-sale buyers. Those that acquired the token before it hit the open market likely got in at favorable price points that allow them to still take profits despite the bearish performance.
Can BLUR offer some clarity regarding its future prospects?
A lack of investor interest has also been fogging up BLUR’s path to success. This is clearly evident in the volume, which has been diminishing over the last few months. Its volume peaked slightly above $741 million in February 2023. Its volume dropped as low as $19.33 million in the last 24 hours.
Despite the uninspiring performance, BLUR saw a significant recovery in the last four weeks. Its marketcap confirmed clearly that there was still some confidence left among BLUR investors.
It bottomed out at $147.2 million in the second week of June and has since bounced back. In fact, it managed to more than double its four-week peak of $307.6 million.
Read Blur’s [BLUR] Price Prediction 2023-24
BLUR had a $239.3 million marketcap figure at the time of writing. It confirmed that there was a significant liquidity inflow in the last few weeks. But can it overcome the damaged confidence that we have seen since earlier this year? Well, the future is not written in stone, but at least there is one key area that has shown promise.
BLUR’s total value locked has been on the rise since December last year when it was lower than $1 million. It had a $143.28 million TVL at press time.