By: Eliza Bennet
The BLUR token of the NFT marketplace has witnessed a significant surge following its listing on Binance and completion of its Season 2 airdrop. The token saw an impressive 88% increase in price in a week with the cryptocurrency industry abuzz over this sudden surge. Notably, this incident coincided with Binance CEO Changpeng Zhao's resignation and subsequent legal accusations against him.
Since clearing the long-term resistance trend, the price of BLUR has increased by more than 200%, prompting market analysts to report a steep incline in purchasing activity. As many as 51.3 million BLUR tokens were purchased by 19 entities, an investment totaling to an outstanding $21 million. Several experienced investors exhibited confidence in BLUR's future by engaging in sizeable positions in anticipation of its potential.
BLUR's market value traded consistently below a critical resistance level until the airdrop, which triggered a significant increase in token ownership, especially among major stakeholders. This shift highlights the bullish sentiment and its positive long-term prospects. Though the price has clearly been on the rise, BLUR has not yet hit a new annual high. As investors become aware of this increase, they join the buying momentum. Such movements, caused by significant transactions and news, are common in the cryptocurrency space.
Given the substantial increases, investors are urged to use caution, as the market adjusts to the effects of the airdrop. If the price remains above its current support, this may signal a new price floor. However, failure to maintain this level may cause the price to dip again, presenting an opportunity for those who missed the first wave to buy in.
© BlockBriefly. All Rights Reserved.