Blur (BLUR), a once-promising cryptocurrency, has encountered a significant setback as recent data indicates that 98.88% of BLUR holders are currently facing financial losses.
The token gained substantial attention and popularity upon its release, with early buyers profiting handsomely as the value of BLUR skyrocketed.
However, subsequent developments and market conditions have contributed to a sharp decline in its value.
When Blur was introduced in October of the previous year, it quickly positioned itself as the platform of choice for professional NFT traders.
It even offered a token airdrop to entice users to choose Blur over competitors like OpenSea. The strategy paid off, as Blur swiftly surpassed OpenSea to become the leading platform in terms of trade volume.
By February, the total market volume for Blur had reached over $2 billion, generating considerable excitement. However, there were concerns within the community regarding the legitimacy of this surge, with accusations of “wash trading” being leveled.
Unfortunately, the success of Blur proved short-lived. Trading activity on the platform experienced a significant decline in recent months, with whale traders suffering losses or withdrawing their funds from Blur’s NFT bidding pool.
Notably, the wallet holding the most BLUR airdrops recently decided to sell its holdings. According to a report from Lookonchain, the wallet deposited 3.2 million BLUR, which was worth approximately $1.15 million at the time, to the OKX crypto exchange.
It is worth noting that at its peak, these same tokens were valued at around $4.3 million. The price of BLUR has plummeted by 99.29% from its all-time high of $45.48, hitting an all-time low of $0.296 on June 12.
As of now, BLUR has seen a modest increase of 1.60% over the past 24 hours, reaching a price of $0.32. However, the fact that 98.88% of BLUR holders are currently incurring losses raises concerns about the token’s future.
The decline in trading volume and the exodus of whales from Blur’s platform have contributed to this downward trend.
