BLUR, the native token of the Blur NFT marketplace, saw a recent boost in its market price following a particular announcement. According to data by CoinMarketCap, BLUR has gained by 11.75% in the last 24 hours, emerging as one of the top gainers in today’s market.
Looking at its price overview, BLUR has shown a rather mixed price movement in the last seven days, although resulting in an overall price gain of 12.43%
However, the token’s monthly chart data tells a different story, with BLUR losing over 26% of its value in the last 30 days. During this period, BLUR fell to its lowest price this year, trading as low as $0.297.
Listing Announcement Causes BLUR Market Surge
BLUR experienced a sudden hike in its price this morning, leading to the token trading around $0.43 for the first time since the beginning of the month.
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Analyzing BLUR’s price action, on-chain analytics platform Lookonchain has noted that BLUR’s price gain appears to be due to a recent listing by a crypto exchange.
According to Lookonchain’s report, BLUR’s market price surged by over 27% after popular Asian exchange Upbit announced plans to list the token on its KRW market in the early hours of today.
Upbit is well-known as the first licensed digital exchange in South Korea. Established in 2017, the exchange serves over 10 million users, accounting for over 80% of the Korean exchange market.
That said, it is worth noting that BLUR’s price peaked at $0.43 following the announcement but has since been on a downtrend, losing about 12% of its value in the last seven hours.
At the time of writing, BLUR is currently exchanging hands at a price of $0.38 based on data from CoinMarketCap. Meanwhile, its daily trading volume hovers around $277 million, having gone up by 11.83%.
BLUR Trading At $0.380 | Source: BLURUSD Chart On Tradingview.com
Money Maker Conducts Puzzling Transactions Amidst BLUR’s Price Boost
In other news, Lookonchain also spotted a rather “unusual market behavior” from prominent DeFi market maker Wintermute amidst the recent price boost in the BLUR market.
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Wintermute reportedly received 10 million BLUR tokens – valued at $4.2 million – from Coinbase custody wallet and deposited these tokens on the Kraken exchange several hours before the BLUR’s price hike occurred.
The on-chain analytics platform also noted the market maker deposited 2.1 million BLUR – valued then at $895,000 – on Coinbase; however, after the price surge had happened.
For now, Wintermute’s intention following these transactions is unknown but appears to be drawing much attention, perhaps to the company’s recent troubles.
Three days ago, creditors of the defunct lending platform Celsius raised allegations against Wintermute, stating the market maker collaborated with Celsius executives in a wash trading deal.
Featured Image: NEWSVERGE, Chart From Tradingview.
