Airdrop Hype Propel NFT Marketplace Blur’s Token Rally to $500M Trading Volume
The native token of NFT marketplace Blur leveraged the airdrop hype to rally to a $500 million trading volume in a day. The BLUR token prices shot to $5 on February 14 2019, before plummeting by 85% on Wednesday morning.
Airdrop Triggers BLUR Rally
Explaining the sudden twist of events, price trackers attributed the rally to airdrops. The process involves the voluntary and free distribution of crypto tokens and coins to various addresses to attract users.
Blur marketplace users received the airdropped BLUR tokens relative to the activity levels, network volume, and transactions executed on the NFT platform. Active users would receive 128000 BLUR tokens. Subsequent analysis by blockchain-based Etherscan revealed users would receive a meager 25 BLUR contrary to the hundreds of thousands distributed to the active colleagues.
Thousands of Wallet Holders Sustain Blur Trading Volume
The blockchain data estimates BLUR holdings to 33000 unique wallet holders by February 15. The data indicates that most users would receive the airdrop and later transfer the tokens to various wallets.
A quick assessment of BLUR trading volume shows that several traders disposed of the tokens upon receipt of airdrops. While the tokens initially were priced at $1 on Coinbase, they skidded to 48 cents by Tuesday.
The tokens would regain in early Wednesday activity as BLUR rallied to exchange hands at 72 cents. A review of CoinGecko data illustrates that trading BLUR tokens yielded $530 million.
The data shows a preference for OKX, Uniswap, and Kucoin exchanges executing the transactions.
DeFiLlama data demonstrates that the Blur marketplace experienced a sudden spike in total value by $10 million in 24 hours.
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