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BLUR, a cryptocurrency backed by Paradigm, recently gained significant traction within the cryptocurrency universe as the token witnessed massive whale activity as of today, November 27.
As per market data, whales transferred over 7 million BLUR to centralized exchanges like Binance and OKX.
The transfer of cryptos to exchanges illustrates a possible surge in supply, thereby resulting in a reduced demand for the cryptocurrency. Concurrent with the transfer of cryptos to exchanges, the BLUR price also witnessed a substantial fall at the time of writing.
A Closer Look Into BLUR Whale Activity
According to the data offered by Spot on Chain, a platform facilitating blockchain tracking, the BLUR price witnessed a cool-down subsequent to the dumping of tokens to exchanges. Reportedly, a whale, 0x13d.., deposited 3.75 million BLUR to Binance and OKX at $0.629 approximately 4 hours ago. The data portrayed that the wallet accumulated these holdings from OKX at $0.535 two days ago, hinting toward an estimated profit of $353,000.
Furthermore, the second whale transaction that caught the eyes of crypto market enthusiasts transferred 1.67 million BLUR to Binance approximately 6 hours ago. The wallet address, 0x387…, transferred $1.05 million worth of BLUR to Binance at $0.629. Interestingly, the whale accumulated these holdings from OKX at $0.375 five days ago, indicating an estimated profit of $424,000. Furthermore, the wallet was found to be related to orz-allinornothing.eth.
Besides the abovementioned transactions, a third transaction stirred up speculations among crypto market enthusiasts, transferring 1.75 million BLUR to OKX.
As per the data, Wintermute Trading, a leading crypto market maker, deposited 1.75 million BLUR to OKX approximately 12 and 9 hours ago. Data portrays that the market maker deposited 4.25 million BLUR to Binance and OKX in the past two days.
The mentioned transfer of coins to exchanges appears to fall in line with the recent plunge witnessed by the token.
Also read: Israeli Agencies Unearth Massive Tron Wallets Linked to Militant Financing
BLUR Price Plunges
At the time of writing, the BLUR price witnessed a substantial fall of 12.12%, reaching $0.5274 today. However, the token showcased a phenomenal surge of 54.11% over the past week.
Besides, the twenty-four-hour trading volume also witnessed a 12.80% fall, reaching $358.95 thousand while writing.
The price plunge in the token appears to come in alignment with the recent dumping of coins to exchanges, displaying an increase in the total supply of the cryptocurrency.
Also read: OKX Unveils Crypto Exchange And Wallet For Seamless DeFi Access In Brazil
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