BLUR, a well-known token in the cryptocurrency market, was recently endorsed by Arthur Hayes, co-founder and former CEO of BitMEX. Hayes shared numerous hints on his Twitter account, where he hinted at the potential of the token and made it clear that he decided to acquire it. Support from Hayes caused a significant increase in the price of the token, but it has since declined.
Unfortunately for BLUR, the token has lost over 30% of its value in the last 48 hours. This could be a sign that large wallets are actively taking profits after the recent giveaway. The token has lost almost 90% of its value since its initial listing due to a large percentage of the supply being sent out to users.
The high percentage of supply of tokens distributed to users over the air has caused a serious problem for the stability of the price of the token. With so many tokens in circulation, it is difficult for a token to maintain a healthy market price. Large wallets taking profits could also be a sign of a lack of confidence in the token’s long-term potential.
Despite the recent endorsement from Hayes and the potential of the token, it looks like BLUR has a long way to go before it can establish itself as a stable and profitable investment. The recent price drop may indicate that the market remains wary of the token’s fundamentals and future prospects as volume on NFT trading floors has not returned to 2021 levels.
At the time of writing, BLUR is trading at $0.94, more than 30% below its recent highs. While Hayes’ approval may have initially created a buzz for the token, it looks like the market still isn’t convinced that BLUR has what it takes to be successful in the long run.
Credit : u.today
