Blur NFT Platform Grows Despite 20% Drop in BLUR Token Value
Demand for Blur NFT Trading Platform Rises as Native Token Plummets
Despite the increase in network activity on the Blur NFT trading platform, the price of the BLUR token has dropped by 20% in the past seven days. This decline contradicts the growth in user activity on the platform.
Performance of the BLUR Token
According to data from CoinMarketCap, the value of the BLUR token has dropped by 20% in the past seven days. At the same time, the daily trading volume also decreased. During this time, the trading volume of BLUR fell by 99%.
The cause of the price drop was the significant decrease in demand for the altcoin over the past week. Data from Santiment shows that the daily number of unique addresses that have completed transactions with BLUR decreased by 89% between November 24 and January 1. With the decrease in active addresses, the new demand for the token also decreased. During the same period, the daily number of new addresses created for trading with BLUR fell by 93%.
Profitability of the BLUR Token
The decrease in demand for BLUR in the past week was due to the low profits from transactions with the token. AMBCrypto found that the ratio of BLUR transaction volume in profit to loss on a 7-day average basis was 0.97. This value indicates that for each BLUR transaction that ended in a loss, only 0.97 transactions made a profit.
Impacts on the BLUR Token
Due to the low demand for the altcoin, the supply of BLUR on the exchanges increased. This indicates that token holders increasingly offered their BLUR tokens for sale on crypto exchanges, which further put pressure on the price. At the time of the press release, 186 million BLUR tokens were held on various exchanges. This represents an increase of 1% in the past two days.
Activity on the Blur Platform
Despite the decline of the BLUR token, the Blur NFT trading platform recorded an increase in network activity over the past week. Data from DappRadar shows that the number of unique active wallets that completed at least one transaction on the marketplace was 19,000. These addresses completed 68,000 transactions, representing an increase of 24% in the marketplace’s weekly transactions.
The fiat value of all transactions completed on Blur in the past week was $145 million, representing a weekly increase of 25%.
Sources: CoinMarketCap, Santiment, DappRadar, AMBCrypto
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