Airdrop hype prompts BLUR token to hit $500m in trading volume
On February 14, the price for NFT marketplace Blur’s native token trading volume hit $500m in a day necessitated by the airdrop hype but fell by 85% on Feb. 15.
BLUR rally occurs due to airdrop
According to price trackers, BLUR token prices skyrocketed to knock $5 on February 14 due to airdrops. The tokens attracted a trading volume of more than $500m in just 24 hours.
The airdrop is a process that includes free and deliberate circulation of coins and crypto tokens to multiple addresses to attract more investors. Airdrops are not only for attracting users but act as a reward mechanism for existing customers.
The Blur marketplace users woke up on Valentine’s Day to meet airdropped BLUR tokens in their wallets. The amount airdropped to each user depended on the network volume, the activity of the account, and the number of user transactions on the Blur marketplace. This implies that some users got 128,000 BLUR tokens, as indicated by tweets.
According to Etherscan, some Blur users got 25 BLUR tokens, while others garnered more than a hundred thousand BLUR tokens.
Data reveals that the Blur marketplace has more than 33,000 unique wallet holders as of February 15, whereby most of the holders who got the airdrop are likely to transfer BLUR to other wallets.
Users dispose of the BLUR tokens
Upon reception of the airdrop, several traders opted to dispose of the tokens. The initial price of the token, as listed by Coinbase, was $1, but it went down later on the day to reach 48 cents. The token had risen to 72 cents on Wednesday.
Data from CoinGecko indicate that most users preferred exchanges such as Uniswap, OKX, and Kucoin to trade the coin resulting in a cumulative of $530 million in trade volumes.
DeFiLlama data indicates that there has been a spike in BLUR value on the Blur marketplace to a total of $10 million within a day.
Advancement of BLUR token
BLUR token continues to make headlines as Coinbase, a renowned cryptocurrency exchange, made known its intentions to list BLUR as one of the experimental tokens in its platform.
The BLUR token came into the market in October 2022 when Blur.io, the top NFT marketplace, gave its traders a care package. The original unlocking of the tokens was scheduled for January 20223 but was postponed to February 14 due to technical issues.
Using airdrops for the BLUR tokens is crucial to create hype and attract more customers to trade. The airdrop hype for BLUR falls into three categories: uncommon, rare and legendary, whereby the legendary has the highest number of tokens.
Customers received uncommon care parcels during the first airdrop, and the second airdrop distributed rare packages to customers. The February 14 airdrop rewarded traders with legendary packages.
The February 14 airdrop and the intention by Coinbase to back BLUR seem like a positive stride towards increasing the token’s fame.