Binance’s US arm, Binance.US, has triggered a double-digit rally in a new altcoin listing.
Second Binance rally in the last 2 months
The initial rally was triggered by new buyers brought by the BLUR/USDT-M perpetual contracts launched on the Binance platform. The related altcoin Blur (BLUR) was opened for trading with up to 20x leverage from April 27 on this date. The effect of the news on the price was over 10%.
cryptocoin.comAs we have mentioned, great interest has attracted the attention of whales at one point.
Binance Futures will launch the USDⓈ-M BLUR perpetual contract at 2023-04-28 12:00 (UTC), with up to 20x leverage. Binance rarely has not yet listed BLUR spot. https://t.co/RIZ5NfI4vI
— Wu Blockchain (@WuBlockchain) April 27, 2023
BLUR rises for second time on Binance news
According to Binance’s May 23 announcement, Blur (BLUR) is soon listed on Binance’s US arm, Binance.US.
Transactions will begin at 10:00 on May 24. The exchange plans to offer only the BLUR/USD spot pair initially. Money deposit transactions are now open. Trade and withdrawal transactions will be activated with new announcements.
BLUR price rises in double digits again on Binance.US news
BLUR, an NFT platform, is climbing around 12.5% at the time of writing. The rally accelerated in 3 stages on the hourly chart. BLUR price touched the intraday low of $0.458520 to $0.530333. At the time of writing, it continues to move upwards without any corrections.
“4 out of 10 NFT sales of Blur are fake”
In February, a series of transactions spotted by CryptoSlam suggested that the platform had made $577 million in wash trading. Reports claim that Blur plays an important role in wash trading. CryptoSlam reported that approximately $577 million worth of NFTs were involved in the transactions in question. According to the report, 80% of transactions on the platform were “inorganic”.
💥CryptoSlam Update: We're Cleaning Up the Wash Trades
⚡️We're taking action to remove nearly $500 Million in wash trades, retroactively as well as applying an updated algorithm to prevent future wash trades.
⚡️This comes after they took similar action https://t.co/ArHdTqRe08…
— CryptoSlam! (@cryptoslamio) February 24, 2023
What is Blur (BLUR)?
Blur is a decentralized NFT platform. It has a structure that aims to protect the copyrights of content producers. On this platform, users who pay royalties can earn BLUR. The platform launched in the United States in 2022. The people behind the project are known by pseudonyms and were developed by a user named Pacman.
BLUR is the native cryptocurrency of the Blur platform. It also uses the Ethereum-based ERC-20 standard. However, it is used in the management mechanism of its platform. BLUR owners have the right to vote on changes and contribute to improvements on the platform. In addition, royalties used as payment on the Blur platform can also be paid with BLUR.
The total supply of BLUR is limited to 3,000,000,000 units. In particular, the platform aims to offer its users a copyright-protected experience with its decentralized NFT market.
