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Blur witnesses surging activity as NFT debut sparks token frenzy

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The recent NFT debut on Blur has ignited a frenzy, with surging activity and trading volume, leaving many wondering about the impact on its token.

Blur witnesses surging activity as NFT debut sparks token frenzy

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  • Blur transaction volume hit its highest point in almost three months.
  • BLUR token saw its highest monthly volume as it adds over 15%.

Blur [BLUR], the popular NFT trading platform, has recently been buzzing with heightened activity, potentially linked to a recent NFT debut. As various metrics experienced a notable surge, did this frenzy also impact its token?


How many are 1,10,100 BLURs worth today


Blur sees an increased volume

Emperor Osmo recently shared an intriguing update regarding Blur’s recent activities. On 28 June, the platform witnessed an astounding surge, with trading volume skyrocketing by more than 80%. This surge marked a remarkable milestone for Blur, reaching its highest volume in recent months.

A closer examination of the trading volume on Dune Analytics revealed a striking spike, surpassing 30,000 ETH on 27 June. This surge in volume was the platform’s most substantial since April.

Additionally, 28 June recorded the third-highest trading volume since April, with over 23,000 ETH. As of this writing, the volume exceeded 3,000 ETH. In addition to the trading volume surge, an analysis of transaction metrics on DefiLlama highlighted a significant increase.

The chart displayed an impressive count of over 13,000 transactions on Blur’s platform on 27 June. As of this writing, the transaction count has reached over 8,000.

Blur transactions

Source: DefiLlama

A possible reason for this surge

The emergence of Azuki Elemental brought excitement to the Blur NFT marketplace, as it became one of the platforms where this NFT was listed. The impact of this listing on Blur’s key metrics was evident, particularly in the transaction volume, which experienced a notable surge.

According to data provided by Blur, Azuki Elemental achieved an impressive volume of over 8,000 ETH within the last seven days. Also, its daily volume exceeded 2,000 ETH, while the floor price settled at around 1.5 ETH as of this writing.

Additionally, Blur’s Total Value Locked (TVL) stood at over $160 million as of writing. However, a decline in trajectory was also observed, suggesting a shift in the overall value being locked within the platform.

BLUR price trend

The recent NFT listing on the platform significantly impacted the activity surrounding the BLUR token. According to DefiLlama data, there was a notable spike in the token’s volume on 28 June.

The volume surged to over $158 million, marking the highest volume observed since April. Furthermore, a closer examination of the daily timeframe chart revealed a corresponding effect on the token’s price. 

BLUR/USD price move

Source: TradingView


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Also, on 27 June, the token experienced an impressive increase of over 13%. As of this writing, it was trading at around $0.35, representing a gain of close to 3%.

It’s worth noting that the Relative Strength Index indicated a bear trend, albeit weak, as the token remained below the neutral line.

 

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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