The price of Blur (BLUR) jumped by 28% in the last 24 hours after Binance confirmed that it would list the cryptocurrency. According to the exchange announcement, spot trading for the BLUR/USDT and BLUR/BTC pairs would be open for trading by 9:00 UTC on November 24.
However, Binance also mentioned that withdrawals would only begin by November 25, noting that a margin pair against the USD would also be listed. While the development sat well with the crypto community, it was the NFT end of the market that generated even greater enthusiasm.
This is because BLUR is the native token of the Blur NFT marketplace. Interestingly, Binance’s announcement also came a day after Tieshun Roquerre, founder of Blur NFT marketplace, announced that he had raised $40 million to contribute to the ecosystem.
Additionally, I have raised another $40m to contribute to the Blur ecosystem. The funds will be used to build L2 apps for NFTs and continue advancing NFTs on ETH L1 as well.
— Pacman | Blur + Blast (@PacmanBlur) November 21, 2023
Roquerre also noted that the raised fund is not just for Blur but also includes Blast, an Ethereum L2 still in the development stage. In the last 24 hours, the trading volume of BLUR was close to $1 billion, while the price was $0.62.
BLUR 1-Day Price Performance (Source: CoinMarketCap)
This hike in volume was a result of the buying and selling that had been going on around the token. According to Lookonchain, one address that owned BLUR before the listing made a profit of $324,000 after Binance listed it.
Likely Gains for Incoming Buyers
Another address, which was one of the earlier airdrop recipients, made $240,000 after the announcement. However, the profits taken by these participants have not stopped others from buying the token.
In another post, Lookonchain disclosed that a popular trader, Machi Big Brother, exchanged some of his ApeCoin (APE) for BLUR. The post also noted that Machi’s average buying price was $0.55. When compared with the press time price, it means that the trader had made good profits.
Machi Big Brother(@machibigbrother) even sold $APE to buy $BLUR!
He has bought a total of 1.4M $BLUR($767K) at an average price of $0.55 so far.https://t.co/PF6u2TuwRz pic.twitter.com/TbjYNHDWf0
— Lookonchain (@lookonchain) November 24, 2023
From a technical outlook, BLUR’s upward momentum may not stop anytime soon, based on indications shown by the Exponential Moving Average (EMA). At the time of writing, the 20 EMA (blue) had crossed over the 50 EMA (yellow).
In the short term, this trend is considered bullish. So, there is a chance that the BLUR price may increase. But that would also depend on the buying pressure the token gets.
BLUR/USD 4-Hour Chart (Source: TradingView)
If market participants continue to buy BLUR, and profit-taking is not as enormous as the buy orders, then BLUR may hit $0.70.
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