Bluzelle (BLZ) has grabbed headlines with a 125% price rally over the past week. On-chain data reveals that the intense whale trading activity has spiked significantly, sparking suspicions of coordinated pump action. 

Bluzelle (BLU) is a decentralized storage network that offers a database for software developers and creators to store information. Over the past week, the native token BLZ has pumped more than 125% to hit a new 6-month peak of $0.12. 

Why is Bluzelle Pumping?

According to the underlying on-chain data, the spike in whales’ trading activity is the main driver behind the ongoing Bluzelle (BLZ) price rally. But without a significant product launch or community update to propel the rally, will investors HODL or continue to book profits? 

The BLZ Whales are Making Unusual Moves

On-chain data has revealed an unusual trading activity among the Bluzelle whales over the last few days. The IntoTheBlock chart below depicts that the BLZ network recorded 22 Large Transactions on August 13. This is four times more than what was recorded in the previous 30 trading days combined.  

Large Transaction Count tracks thhe trading activity of whale investors summing up the daily number of confirmed transactions that exceed $100,000. The outlier spike in Large Transactions observed above indicates an unusual trading pattern among BLZ whales. 

For context, the 22 Large Transaction recorded on August 13 is the only time it has hit double-digits in whale trades since Sept 2022.

Go to Source to See Full Article
Author: Ibrahim Ajibade

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details