BLUR, the token of the NFT marketplace of the same name, is showing a price increase of almost 20% today. The token’s price action comes on the day after the airdrop, in which more than 300 million BLUR were distributed. Valued at $1 at the start of the distribution, the airdrop of Blur token was sold out as it usually is, and at one point the price dropped to $0.48.
BLUR: buy or sell?
Not all major BLUR airdrop recipients sold off their tokens. For example, of the three largest ones with a combined drop size of 8.67 million BLUR, only one whale sold a portion of one million tokens. Overall, according to Nansen, 24.5% of distributed BLUR has been sold, but this also includes a share of seven addresses from the top 20 airdrop recipients.
Large investors have also been buying up BLUR since the airdrop. For example, according to Lookonchain, one crypto investor bought more than a million tokens with an average purchase price of $0.46. But this case is more of an exception, with other market participants of a similar scale making their purchases at around $0.66 per BLUR.
The token is now quoted at $0.8 and has a market capitalization of $286 million. It is hard to say what lies ahead for BLUR when most of the tokens are still held by airdrop recipients, which keeps pressure on the price.
