BLUR, the native token of popular non-fungible token (NFT) marketplace Blur, has recorded major double-digit gains in the past week leading up to an announcement by the world’s largest cryptocurrency exchange, Binance, about listing the asset.
As crypto influencer Lark Davis pointed out in a tweet, BLUR’s surge is “crazy,” as the project’s team recently released 300 million tokens into circulation, raising its circulating supply to more than 1.1 billion.
BLUR Rallies 83%
On November 20, Blur concluded an airdrop that saw the distribution of 300 million reward tokens worth approximately $160 million to traders on its marketplace. The stash came from Blur’s reward pool for Season 2, and users received the incentives based on factors like their trading activities.
So far, roughly 38,000 addresses have claimed their share of more than 267 million tokens. More users are set to claim their rewards as the week runs out.
Despite the massive release, BLUR has been among the top performers for the week, skyrocketing by more than 83% to $0.61 at the time of writing, per data from CoinMarketCap. The asset’s 24-hour rally of over 26% can be attributed to the Binance listing earlier today. The token’s trading pairs include BLUR/BTC, BLUR/USDT, and BLUR/TRY.
Bull Market Vibes?
Historically, massive token releases like Blur’s increase selling pressure that, in turn, pulls down the asset’s price. Such was the case for crypto assets like ApeCoin (APE) and Optimism (OP), whose values plummeted 16% and 12%, respectively, following their token releases in August.
However, BLUR has defied the norm and continued to soar. Davis said the asset’s unusual reaction could be due to “bull market vibes” from the crypto space. While the crypto influencer’s remarks may be speculation, analysts have confirmed that bull market patterns have begun to appear.
Bitfinex found certain behavior in several investor cohorts, suggesting we may be in the initial stage of a bull market. The market is seeing low sell-side liquidity as large and long-term BTC holders have refused to let go of their assets, indicating a strong belief that there may be more room for the price to rise. These claims are substantiated by the effects of the upcoming Bitcoin halving event.