Blur token surges 20% in 24-hour trading, buy signal surfaces

November 23, 2023 at 8:49 am

Markets

The native token of Blur non-fungible token (NFT) marketplace, BLUR, has emerged as the top gainer among the top 100 cryptocurrencies.

BLUR is up by 20% in the past 24 hours and is trading at $0.494 at the time of writing. The asset’s market cap currently stands at over $542 million, making it the 84th largest cryptocurrency.

Blur token surges 20% in 24-hour trading, buy signal surfaces - 1 — BLUR price, whale activity, social volume and open interest – Nov. 23 | Source: Santiment

Data shows that BLUR’s 24-hour trading volume witnessed a 95% surge, reaching $852.7 million.

According to data provided by Santiment, Blur’s social volume skyrocketed by 2,250% over the past three days — the token’s social activity registered a 20% in the past 24 hours alone.

However, Santiment data shows that whale transactions consisting of at least $100,000 worth of BLUR declined by 66% in the past two days — falling from 467 trades on Nov. 21 to 158 unique transactions at the time of writing.

Per Santiment, Blur’s total open interest (OI) also registered a slight decline from around $312 million to $295 million over the past day.

Despite the decline in BLUR’s total OI, according to Santiment, the asset’s price-daily active addresses (DAA) divergence shows a buy signal. Blur’s price DAA divergence currently stands at 332%, suggesting the accumulation of small investors that could push the price further.

Data provided by DappRadar shows that the NFT trading volume on Blur has witnessed an 8.29% rise in the past 24 hours, reaching $9.5 million with a total of around 3,830 unique traders.

According to a crypto.news report on Nov. 22, Blur founder Tieshun Roquerre hinted at building a new layer-2 blockchain for NFTs that would be more cost-effective. Roquerre, also known as “Pacman” on X (formerly Twitter), stated that he raised roughly $40 million to develop the Blur ecosystem.