The wallet that held the largest amount of BLUR airdrops has made a significant move by selling off its substantial holdings. The wallet address, identified as “0xD5eE,” has been the center of attention in the crypto community due to its massive accumulation of BLUR tokens. However, the recent decision to sell off these holdings has sparked dump speculations and raised questions about the potential impact on the $BLUR market.

Whale Sells Off BLUR Tokens

The wallet’s sold off approximately 3.2 million $BLUR tokens, equivalent to a value of $1.15 million, as reported by on-chain analysis platform Lookonchain. They highlighted the fact that iw was sold off despite this:

The highest value of all sold off BLUR tokens i.e. 3.2M $BLUR is $4.3M.

With the wallet previously holding the largest amount of $BLUR airdrops, its decision to sell off a significant portion of its holdings has left many wondering about the motives behind the move. Is this an indication of a potential market dump, or are there other factors at play?

Also Read: Liquidity Crunch Hits Crypto, Bitcoin and Ethereum Face Buy-Side Decline

Is Dump In Near Sight?

BLUR experienced a surge last week after the announcement by Upbit, the leading exchange in South Korea, about the introduction of a new trading pair involving $BLUR and the Korean fiat currency, KRW. At the same time, CoinGape reported that Wintermute trading moved BLUR tokens and it was speculated a dump ahead back then.

However, since reaching its all-time high of $45.98 on February 13, 2023, the value of $BLUR has experienced a significant decline of 99.22%, now priced at $0.3554. The current price change of -$0.009268 (2.54% decrease) and the 24-hour trading volume of $62,067,114 (48.02% decrease) indicate a period of consolidation and uncertainty.

Furthermore, the total value locked of BLUR tokens is $150.58 million, as seen on Defilama at the press time. As the crypto community watches the developments closely, market participants will be keen to see how the $BLUR market responds in the coming days and weeks. Will the sell-off be a temporary setback, or will it signal a deeper correction for $BLUR?

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