BLUR Price Drops As Whales Move 7 Million BLUR to Binance and OKX
Due to an uptick in whale behaviour, the BLUR coin gained a lot of attention from cryptocurrency experts.
As of today, November 27, the Paradigm-backed cryptocurrency BLUR had enormous whale activity, which caused it to gain considerable traction in the cryptocurrency ecosystem.
According to market statistics, centralised exchanges such as Binance and OKX received more than 7 million BLUR from whales.
The movement of cryptocurrency to exchanges suggests an increase in supply, which could lead to a decrease in demand for the coin. At the same time that cryptocurrencies were being transferred to exchanges, the price of BLUR also fell significantly.
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Exploring the BLUR Whale Activity
Data provided by Spot on Chain, a blockchain tracking company, indicates that the BLUR price experienced a decline when tokens were dumped into exchanges. Around four hours ago, a whale going by the name of 0x13d.. deposited 3.75 million BLUR into Binance and OKX at a price of $0.629 per coin. The data showed that two days ago, the wallet bought these OKX tokens at $0.535, suggesting a potential profit of $353,000.
In addition, around six hours earlier, Binance received 1.67 million BLUR in the second whale transaction that grabbed the attention of crypto market fans. The BLUR worth $1.05 million was sent to Binance by the wallet address 0x387… at a price of $0.629. Interesting, the whale bought these OKX assets at $0.375 five days ago, suggesting a profit of over $425,000. In addition, orz-allinornothing.eth was discovered to be associated with the wallet.
In addition to the two transactions already stated, a third transaction involving the transfer of 1.75 million BLUR to OKX has caused suspicion among crypto market enthusiasts.
A big cryptocurrency market maker, Wintermute Trading, deposited 1.75 million BLUR to OKX about 12 and 9 hours ago, according to the data. According to the data, the market maker sent 4.25 million BLUR to OKX and Binance over the previous two days.
It seems that the current decline in the token’s value is consistent with the aforementioned transfer of coins to exchanges.
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The Price of Blur Drops
The price of BLUR has dropped significantly today, falling 12.12% to $0.5274, as of this writing. Nevertheless, the token displayed an astounding increase of 54.11% throughout the previous week.
Additionally, the twenty-four-hour trade volume fell 12.80%, reaching $358.9k at the time of writing.
Coins have been dumped onto exchanges recently, showing an increase in the overall supply of the cryptocurrency, which seems to be congruent with the current token price collapse.
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