Blur Token Drops 85% After NFT Marketplace Rasies $500M

NFT marketplace Blur saw its native BLUR token experience a sharp decline of over 84% from a high of $5 to $0.78. However, it happens after its airdrop distribution has gone live. The airdrop amount was determined by the total activity, network volume, and transactions made by each user on the platform.

BLUR announces Airdrop

Since the NFT marketplace went live about four months ago, it has signed up 146,823 different users who have traded NFTs worth $1.2 billion. Blur announced on February 14 that it would give away 360 million BLUR tokens to its early adopters.

Out of its total 3 billion supply, Blur revealed that 51% had been given to the community, 29% to core contributors, and 19% to investors. Around 360 million BLUR were unlocked from the community allocation for airdrop distribution to early adopters.

This meant that as many as 128,000 Blur tokens were distributed to some users. Additionally, the blockchain tool Etherscan reveals that users received anywhere between 25 and tens of thousands of BLUR.

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Wallet Holders Maintain Blurred Trading Volume

According to blockchain data, there are over 33,000 unique wallet holders of a blur as of Wednesday morning. However, the majority of these receive the airdrop before transferring the tokens to other wallets. Following the airdrop, some traders sold the tokens in large quantities. However, over $530 million worth of blur has been exchanged on platforms like OKX, Kucoin, and Uniswap.

BLUR Price Analysis

Source: Coinmarketcap

Blur token price at the time of writing is $0.7764, with a market capitalization of $ 279 million and a 24-hour trading volume up by 5137136.12%. Now it stands at $881 million. At the same time, the circulating supply is approximately 360,000,000 BLUR as per the crypto market tracker CoinMarketCap.

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Sachin is a writer and journalist with over three years of working experience with different major media houses. He is a fintech enthusiast who mainly reports on Web 3, NFT, and Metaverse. When he is not working, you can find him reading thrillers and watching world cinema. Contact him at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.