BLUR surges 83% weekly as Binance lists token with new trading pairs
BLUR, the native token of popular non-fungible token (NFT) marketplace Blur, has seen huge double-digit gains over the past week, leading Binance, the world’s largest cryptocurrency exchange, to announce the listing of the asset.
As crypto influencer Lark Davis pointed out in a tweet, BLUR’s surge is “insane,” as the project’s team recently released 300 million tokens into circulation, bringing its circulating supply to over 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. This reserve for Season 2 came from Blur’s rewards pool, and users received incentives based on factors such as their trading activities.
So far, approximately 38,000 addresses have claimed their stake in over 267 million tokens. As the week ends, more users are ready to claim their rewards.
Despite the massive release, BLUR has been one of the top performers this week, rising more than 83% to $0.61 at the time of writing, according to data from CoinMarketCap. The asset’s 24-hour rally of over 26% today can be attributed to the Binance listing. Trading pairs for the token include BLUR/BTC, BLUR/USDT, and BLUR/TRY.
Bull market vibes?
Historically, massive token releases like Blur increase selling pressure, which in turn, pulls the price of the asset down. This was the case with crypto assets like ApeCoin (APE) and Optimism (OP), whose values dropped 16% and 12% respectively after their token issuance in August.
However, BLUR has defied the norm and continues to grow. Davis said the asset’s unusual reaction could be due to “bull market vibes” from the crypto sector. While comments from crypto influencers may be speculation, analysts have confirmed that bullish market patterns are beginning to appear.
