Blur whale makes a splashy move, and the token reacts by…

• A Blur whale recently moved over 3.2 million tokens to the exchange.
• BLUR ended closed trade on 4 July with over a 6% decrease in value.

The crypto community was abuzz with anticipation after the much-awaited Blur token airdrops. However, the excitement didn’t stop there. In a stunning twist of events, one of the whales within the ecosystem made a splashy move, unleashing a substantial sum onto a prominent exchange. Curiosity peaked, and questions filled the air. How would the token weather this impactful move from a dominant figure? Will it soar to new heights or experience a temporary dive? 

Read Blur (BLUR) Price Prediction 2023-24

Blur whale activated

During the BLUR airdrop, the tokens were distributed to eligible addresses, and one particular address received a whopping 3.2 million tokens, making it the address with the highest volume of airdropped tokens. At its peak valuation, the worth of these tokens surpassed $4 million.

However, after holding onto the tokens for over two months, Lookonchain reported on 4 July that the whale made a significant move. According to the highlighted scanner, the entire token holding was deposited into the OKX exchange.

Based on data provided by Coin Market Cap, the current circulating supply of Blur stood at over 740 million tokens as of this writing. As per the data, the trading volume in the last 24 hours was approximately $27 million. It also experienced a decline of over 70% compared to previous figures. 

Also, a look at the inflow and outflow chart showed that the token’s flow had not been significantly affected. On 4 July, the inflow chart displayed a flow of over 3.4 million tokens into exchanges, whereas at the time of writing, the inflow was approximately 10,000 tokens.

On the other hand, the outflow chart exhibited higher activity, with an outflow of around 92,000 tokens at the time of writing. These statistics indicated that although the whale’s significant move attracted attention, it did not substantially impact the overall trading volume.

Source: Santiment

How many are 1,10,100 BLURs worth today

The BLUR trends

The daily timeframe chart for Blur on 4 July did not paint a positive picture. It concluded the trading period with a 6.80% decline in value, closing at $0.345.

As of this writing, the token was trading around $0.342, experiencing a further decline of nearly 1%. Additionally, the placement of its Relative Strength Index line below the neutral line indicated the bearish trend it was experiencing.

Source: TradingView