Blur Token drops 85% within a few hours after NFT Marketplace Rasies 500M

Blur’s native BLUR token saw a sharp decline in value of more than 84%, from a high point of $5 to $0.78. It happens after the distribution of its airdrop has gone live. The total activity, network volume and transactions of each user on the platform determined the airdrop amount.
The NFT marketplace launched four months ago and has since signed up 146.823 users. They have traded NFTs in excess of $1.2 billion. Blur announced that it would give away 360,000,000 BLUR tokens for its early adopters on February 14.


Blur revealed that 51% of the 3 billion supply had been given to community members, 29% to core contributors and 19% to investors. From the community allocation for airdrop distribution, approximately 360 million BLUR had not been unlocked.
This means that some users received as many as 128,000 Blur tokens. Etherscan, a blockchain tool, also revealed that users received between 25 and tens to thousands of BLUR.

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Blurred Trading Volumes for Wallet Holders
Blockchain data shows that there are more than 33,000 wallet holders of a blur, as of Wednesday morning. The majority of these wallet holders receive the airdrop before they can transfer the tokens to another wallet. Some traders sold large quantities of the tokens after the airdrop. Over $530 million worth blur was exchanged on platforms such as OKX, Kucoin and Uniswap.
BLUR Price Analysis
Source: Coinmarketcap

Blur token price is $0.7764 at the time this article was written. It has a market capitalization in excess of $ 279 million, and a 24-hour trading volume of 5137136.12%. It now stands at $881million. According to CoinMarketCap, the circulating supply of BLUR is around 360,000,000.
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