- BLUR ranks second in the list of top NFT projects based on social activity.
- BLUR is down over 3% in the last 24 hours and the metrics looked bearish.
Fade [BLUR] came back into the spotlight due to its popularity in the NFT ecosystem. While the blockchain excelled in the NFT space, the price of the original token witnessed a decline during the same period.
Let’s dive deep into Blur’s overall health to understand what’s actually going on.
BLUR’s NFT space is booming
CryptoDep, a popular X (formerly known as Twitter), recently posted a tweet highlighting one of Blur’s recent achievements.
According to the tweet, as of December 4, 2023, Blur ranked second in the list of the top NFT projects in terms of social activity. The tweet stated that BLUR’s social interactions reached 623,000 as of December 4, while social dominance stood at 0.12%.
⚡️TOP #NFT Projects per social activity$VRA $ FADE $FLOKI $NAKA $ILV $GALA $XCAD $SAND $TVK $TLOS pic.twitter.com/K16RG6gAni
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) December 4, 2023
AMBCrypto then looked at Santiment’s data and found a similar growth trend in its NFT space.
According to the data, BLUR’s total NFT trading numbers increased last week. In fact, total USD trading volume increased significantly on December 3, 2023.
Source: Santiment
The market also fared well against its competitors as several metrics were ahead of the rest.
For example, FadeThe share in the trading volume was more than 76%. On the other hand, top competitor OpenSea’s share was only more than 19%.
The same story also applied to market share in terms of merchants. Apart from that, Blur was also close to OpenSea in terms of the number of daily traders Dune.
Source: Dune
Blur investors are taking losses
While the market continued to reach new highs in the NFT ecosystem, the native token took a hit in the recent past as its price fell.
According to CoinMarketCapBLUR is down more than 3% in the last 24 hours alone. At the time of writing, it was trading at $0.5428 with a market cap of over $613 million.
Trading volume also dropped, meaning investors were unwilling to trade the token.
Like its price, its popularity also dropped, as evidenced by the decline in social volume. Blur’s weighted sentiment fell, meaning negative sentiment was dominant.
Fade‘s network growth declined, meaning fewer new addresses were created to trade the token. However, it was surprising to see that despite a price drop, the MVRV ratio increased.
Source: Santiment
How many Worth 1,10,100 BLURs today
AMBCrypto’s analysis of Blur’s daily chart also revealed quite a few bearish metrics.
FadeThe Money Flow Index (MFI) and the Relative Strength Index (RSI) both fell. The Chaikin Money Flow (CMF) also fell, which could have played a role in pushing the price of the token down.
Source: TradingView
