In a recent development within the cryptocurrency sector, significant movements have been observed in the Blur (BLUR) token market, particularly involving large-scale transactions by notable investors. According to a tweet by on-chain analytics platform OnchainDataNerd, several ‘whales’ – investors holding large amounts of cryptocurrency – have actively engaged in staking substantial amounts of BLUR tokens. This activity follows the introduction of a new staking mechanism by Blur.
One such investor, identified as Whale 0x0828, reportedly withdrew 6.03 million BLUR tokens, valued at approximately $2.19 million, from Falcon X and subsequently deposited them into a staking contract. This investor has a history of substantial earnings in other cryptocurrencies, including $5.92 million in Ethereum (ETH) and $1.62 million in RLB.
Another investor, Whale 0x154, accumulated 14.9 million BLUR tokens, worth around $5.7 million, from the exchange OKX and moved them all to the BLUR staking contract. Additionally, 11 other whales staked over 1 million BLUR tokens each, collectively sending 17.2 million BLUR tokens, valued at $6.37 million, to the staking contract.
These movements coincide with the recent performance of the BLUR token in the market. At the time of writing, the price of BLUR stood at $0.425226, indicating an 18.03% increase in the last 24 hours and a 21.45% increase over the past week. The market capitalization of Blur was approximately $461,265,151, placing it at #108 in the market rankings.
The increased activity around BLUR tokens is also linked to the conclusion of Blur’s Season 2 rewards program and the announcement of Season 3. The platform, which has surpassed OpenSea in NFT trading volume, awarded substantial BLUR token rewards based on users’ NFT trading activities. The largest share of Season 2 rewards went to the hanwe.eth wallet, receiving 22.85 million BLUR tokens.
Looking ahead, Blur’s Season 3 is set to incorporate the new Ethereum layer-2 network, Blast, which recently received a $20 million investment. This development is expected to bring a new dynamic to the Blur ecosystem, with the community anticipating airdrops in May 2024.
