BLUR, which has been a prominent asset in the crypto market for some time, has dropped 33 percent despite the support of Arthur Hayes and other crypto influencers.
Arthur Hayes pointed out the potential of BLUR by sharing many tips on his Twitter account recently and made it clear that he decided to buy it. Hayes’ approval caused a significant increase in the price of BLUR. But the popular project has experienced a strong decline since then.
BLUR May Take Time to Prove Itself
BLUR has lost more than 30 percent in value in the last 48 hours. This may have been the result of a move by the big wallets that were actively earning after the last distribution. Since it was first listed, the token has lost almost 90 percent of its value due to the high percentage of supply distributed to users via airdrop.
The airdrop of a large slice of the token supply to users caused a significant problem in terms of token price stability. With so many tokens in circulation, it has become very difficult for the token to maintain a healthy market price.
Despite Hayes backing the asset and the token’s potential, it looks like BLUR has a long way to go before it can establish itself as a stable and profitable investment. As volume in the NFT market has not returned to 2021 levels, the recent drop in price may be an indication that the market is still cautious about the fundamentals and future prospects of the token.
While Hayes’ endorsement initially created excitement for BLUR, the market still appears to be unconvinced that BLUR has what it takes to be successful in the long run.
