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Tag: Blur

  • BLUR Is Down 30%, And Whales Are To Blame–Here's Why

    BLUR Is Down 30%, And Whales Are To Blame–Here's Why

    Blur, a decentralized non-fungible token (NFT) marketplace, and OpenSea competitor is under pressure, tumbling by over 30% from its November peaks. While BLUR retreats, on-chain data reveals that BLUR whales have been moving their tokens to leading crypto exchanges, possibly to liquidate.

    Whales On A Possible Selling Spree

    According to Lookonchain data on December 7, several whales have been offloading large amounts of BLUR. To illustrate, 16.85 million BLUR, worth roughly $8.43 million, were deposited to exchanges in the past 24 hours. 

    Notably, one whale deposited 2.54 million BLUR, worth $1.26 million, received from the airdrop to Binance. At the same time, Mandala Capital transferred 2.76 million BLUR, worth $1.4 million, to OKX. 

    Mandala Capital sends BLUR to OKX | Source: Lookonchain via X

    The deluge continued as another whale, only marked by the associated “0x68b5” address, withdrew 3.31 million BLUR worth $1.79 million from Binance between November 25 and 29 before moving them to the same exchange on December 1. The token had fallen, meaning the whale was down by roughly $65,000.

    It is unclear whether the same addresses are sold for USDT or other tokens. However, what’s known is that any whale transfers to a centralized exchange is associated with liquidation. Accordingly, sentiment is impacted when whales move coins in large batches to exchanges, and retailers could interpret their transfers as incoming selling pressure.

    BLUR Is Up 220% From October Lows

    Thus far, looking at price action, buyers have the lead from a top-down preview. The coin is already up 220% from October lows. Most importantly, buyers have the upper hand, looking at the candlestick arrangement in the daily chart. 

    Even though the token is down 30% from November peaks, the failure of bears to force the coin below the 20-day moving average (MA) in the daily chart suggests that the uptrend is still valid. Losses below $0.46, or the base of the current bull flag, might trigger a sell-off. Conversely, any upswing above $0.58 and even $0.69–or November highs, could drive more demand, lifting BLUR to $0.84 or higher in the coming sessions.

    BLUR prices trending sideways on the daily chart | Source: BLURUSDT on OKX, TradingView
    BLUR prices trending sideways on the daily chart | Source: BLURUSDT on OKX, TradingView

    Related Reading: Binance CEO Disputes JPMorgan Chief’s Critique Of Crypto

    Whether the uptrend will resume also remains to be seen. What’s clear, though, is that the broader community is closely monitoring the NFT scene and Blur, the marketplace. The recent upswing was due to the activation of Season 2 Airdrop, which ended on November 20.

    Ahead of this, the token was already up 150%, only to extend gains briefly before cooling off in the first week of December.

    Feature image from Canva, chart from TradingView

    Dalmas Ngetich

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  • Crypto Fund Exits BLUR For Lido And IMX—Endorsing DeFi?

    Crypto Fund Exits BLUR For Lido And IMX—Endorsing DeFi?

    According to Lookonchain data, Sigil, a fund in Gibraltar, has exited BLUR, one of this week’s top-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X–a layer-2 scaling solution primarily dedicated to NFT trading.

    Sigil Fund Sells BLUR For IMX And LDO 

    On November 24, Lookonchain, a crypto analytics platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth roughly $1.14 million, and 210,905 LDO, trading at $540,000, at spot rates. The exchange was made via multiple transactions and done on-chain.

    The swap comes roughly three days after Sigil withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund is exiting BLUR when the token has dominated performance in the last few trading days. 

    To quantify, the token has more than doubled this week alone, surging to register new H2 2023 highs above $0.60. BLUR is already up 330% from its 2023 lows and continues to edge higher on rising trading volume.

    BLUR price trending upward on the daily chart | Source: BLURUSDT on OKX, TradingView

    The Gibraltar-based crypto investment fund’s rotation from BLUR into core governance tokens of Lido DAO and Immutable X comes when there is FOMO around the 300 million BLUR airdrop in Season 2. Still, it is not immediately clear what might have advised the fund to exit BLUR–and not simply ride the current ride–for LDO and IMX. 

    In retrospect, the shift could be an endorsement of decentralized finance’s (DeFi) resilience and inherent growth prospects. The rotation of funds into DeFi tokens could also signify a focus on backing decentralized ecosystem building rather than speculative NFT mania, as is currently the case with BLUR, which is rapidly rising, spurred by the Season 2 airdrop.

    LDO and IMX Are Key For DeFi And NFT

    As of November 2023, Lido DAO and Immutable X are some of the core platforms driving crypto and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers a secure NFT trading infrastructure. Though recent troubles at FTX and other CeFi actors like FTX’s partner, Alameda Research, continue to cap upsides, Sigil’s allocation change is an endorsement for DeFi.

    In the future, it is not immediately clear whether LDO and IMX prices will edge higher. For now, it remains on an uptrend but is generally volatile and not galloping higher like BLUR. The token is up 80% from October 2023 lows at press time. Meanwhile, IMX is extending gains at 2023 highs, looking at price action in the daily chart.

    Feature image from Canva, chart from TradingView

    Dalmas Ngetich

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  • BLUR jumps 12% as Blur founder raises $20m for new L2 network

    BLUR jumps 12% as Blur founder raises $20m for new L2 network

    Additionally, Blur founder Tieshun Roquerre raised $40 million to contribute to the Blur ecosystem.

    Tieshun Roquerre, the founder of NFT marketplace Blur (also known as “Pacman”), is launching a new layer-2 network where users can reduce transaction costs for digital collectibles. In a thread posted to X on Nov. 21, Roquerre addressed high network fees, saying “hundreds of millions have been spent on gas trading NFTs.”

    Moreover, Roquerre says “almost every” decentralized application, or DApp, on a blockchain has an issue when users lock up their funds in pools, which do not generate yield for them.

    “This means that Blur users are losing money through depreciation. As I dug deeper, I realized that almost every dapp on-chain has this issue.”

    Tieshun Roquerre

    In a bid to solve all these issues “at once,” the Blur founder decided to launch Blast, a new layer-2 network with native yield for DApps, where users could avoid asset depreciation as well as reduce transaction costs for non-fungible tokens. For the new venture, Roquerre raised $20 million in funding from Paradigm, Standard Crypto and others.

    To earn yield, Blast “natively” participates in Ethereum (ETH) staking, automatically returning the staking yield to the network’s users and DApps. In addition to ETH, Blast also earns yield for stablecoins with USDB, the network’s native auto-rebasing stablecoin.

    Beyond Blast, Roquerre announced he had raised another $40 million to contribute to the Blur ecosystem. The proceeds are expected to be used for building DApps atop Blast in order to “continue advancing” NFTs on Ethereum as well. Amid the news, Blur’s native token BLUR jumped 12%, surging to $34, according to CoinGecko data.


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    Denis Omelchenko

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  • Whether It’s “Narcissistic” To Return To Music Or Not, Blur Justifies It With “The Narcissist”

    Whether It’s “Narcissistic” To Return To Music Or Not, Blur Justifies It With “The Narcissist”

    Every time Blur has devotees convinced that they couldn’t possibly return with a new album again, the band rises from the so-called dead to bring us something both quite surprising and yet still totally on-brand (perhaps a polite euphemism for more of the same, but different). It would seem their ninth studio album, The Ballad of Darren, is going to deliver just that if the first single, “The Narcissist,” is any indication. And yes, the release of 2015’s The Magic Whip felt like something of a one-off. Almost as though to make up for 2003’s Think Tank being recorded without guitarist Graham Coxon. In fact, Coxon abandoned the recording sessions early on in 2002, stating glibly, “[The band] just recognized the feeling that we needed some time apart.” More like Coxon recognized it as a result of suddenly not “vibing” with the band anymore. After all, he had been in rehab during the initial November 2001 recording sessions, and upon coming in for the ’02 ones, he apparently didn’t fit into the permutation anymore. After the rest of Blur somewhat priggishly reported that the sessions weren’t going as seamlessly with Coxon present, the bespectacled guitarist would later state, “I had a breakthrough, I think my life just became calmer, I gave up drinking. My priorities changed as I had a young daughter. The group didn’t want me to record for the Think Tank album, so I took it as a sign to leave.”

    Who knows what the subsequent sign to come back was for Coxon, but, to the delight of many fans, whatever it was prompted a full-fledged reunion when Blur announced they would play a show in Hyde Park on July 3, 2009—eventually called All The People: Blur Live at Hyde Park. With The Magic Whip six years later, the band would also “keep it classic” by going back to their longtime producer, Stephen Street, who was given the boot on Think Tank in favor of producers Ben Hillier, Norman Cook (a.k.a. Fatboy Slim) and William Orbit (with the latter also producing the majority of 13). This trifecta being what gave that album such a “non-cohesive” sound amid the rest of their discography (granted, James Ford replaces Street on The Ballad of Darren’s production, so perhaps it, too, will stand apart). And yet, with Coxon’s absence, it was arguably the only time Blur was ever “free” enough to experiment in that “Gorillaz sort of way” Damon Albarn is so fond of. For it is Coxon who always seems to bring the band back down to Earth, to its roots in shoegaze malaise.

    That’s the case, in many ways, with “The Narcissist.” And, as Albarn himself was content to remark, “I think also it has enough of the modern world in it to kind of be relatable to people younger as well.” For, what could be more relatable to “the kids” than narcissism? Not just because the word “narcissist” is so overused at this juncture (neck and neck with “gaslighting”), but because narcissism is simply the name of the game in this thing called post-social media existence. And yes, even Albarn’s newfound nemesis, Taylor Swift, found a way to use the word in one of her most recent hits, “Anti-Hero,” by singing, “Did you hear my covert narcissism I disguise as altruism/Like some kind of congressman?” Perhaps that’s what Blur is doing with their own “altruistic” decision to return to music. And yet, Albarn, who has been in the business for thirty-three years (counting it from the time Blur signed to Food Records), can admit, loosely, to his own penchant for narcissism, noting in an interview with Radio X, “I think the whole nature of being in a band… especially talking about yourself, having photographs taken… that’s all about yourself.” It sounds more eloquent when said aloud than it does in writing, but anyway, Albarn can cede to the fact that he is well-versed in succumbing to the type of narcissism that goes hand in hand with “The Fame Monster.”

    By the same token, Albarn added, “There are deep practitioners of narcissism within the entertainment world, but it also applies to people like Putin… It’s one of those… troubling aspects of modern life.” That is to say, how politics and narcissism have bred a very dangerous “lovechild” in the present (see also: Donald Trump). And yes, as Blur announced long ago, “Modern life is rubbish.” And that sentiment has only intensified in the decades since the band first openly declared what everyone else knew to be true. Little did they know then…how much more batshit it would get now. Particularly with regard to sociopathy and narcissism—both of which are spurred and fortified by screens. What would have been Narcissus’ modern-day mirror. With regard to that well-known, well-worn story, Albarn makes an overt reference to Echo’s role in it in the opening verse: “Looked in the mirror/So many people standing there/I walked towards them/Into the floodlights/I heard no echo.” Among the potential meanings of the first two lines is the idea that when we see ourselves in the mirror, there are so many versions of who we are hiding behind that reflected façade. The one so carefully curated for the sake of avoiding rejection or generally being “othered.” Of course, one could take it more literally and assume Albarn is having some kind of The Twilight Zone and/or funhouse mirror experience. In both scenarios, being transfixed by “the self” is at play. A “trend,” as it were, embodied by Narcissus.

    Unlike Narcissus, however, Albarn has the good sense to recognize his vanity (or so he says) by insisting, “I found my ego” (literally and probably Freud-wise, vis-à-vis the “reality principle”). Even going so far as to admit to the Echo of his life, “You were the Pierrot/I was the dark room.” Whether or not the “Echo” in his life is ultimately himself (how very narcissistic indeed) is left to one’s discretion as he sings in the chorus, “I’ll be shining light in your eyes/You’ll probably shine it back on me/But I won’t fall this time/With Godspeed I’ll heed the signs.” “The fall” Albarn refers to seems less about falling in love and more about falling into the trap of some unhealthy addiction. And yes, self-obsession is a drug. To boot, Albarn makes mention of more literal drugs as the song progresses, describing, “I took the acid [even though Kesha’s mom said not to]/Under the white horses [this meaning the chalk white horses long ago carved into English hillsides to celebrate the summer solstice, which Albarn also brings up]/My heart it quickened/I could not tear myself away/Became addiction/If you see darkness look away.” That darkness he alludes to further applies undeniably to the darkness in oneself, particularly when they have narcissistic tendencies (usually complete with an inability to experience empathy).

    Some would say—though certainly never of male musicians (only female ones like Madonna)—that it’s pure narcissism to keep making art into one’s “old age.” But if that’s the case, then maybe there’s room for four more narcissists in Blur if they can keep creating songs such as these.

    Genna Rivieccio

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