• BLUR’s price declined by almost 10% on 7th December.
• This was due to increased sell-offs by the token whales and institutional investors. 

BLUR’s price experienced a significant drop during the trading session on the 7th of December, plummeting by nearly 10% in a single day. 

According to on-chain sleuth Lookonchain, the sharp decline in the altcoin’s value was due to a surge in selling activity by BLUR whales and its institutional investors. On that day, they distributed a cumulative of 16.85 million tokens worth around $8 million.

1/ The price of $BLUR dropped ~8% today and we noticed a lot of whales/institutions selling $BLUR, a total of 16.85M $BLUR($8.43M). pic.twitter.com/7MKqrRMq0y

— Lookonchain (@lookonchain) December 7, 2023

Lookonchain found that private equity firm Mandala Capital deposited 2.76 million BLUR tokens worth $1.4 million to crypto exchange OKX. From this transaction, the firm incurred a loss of approximately $100,000.

Further, five wallets that received BLUR tokens from Coinbase Custody deposited them into various exchanges via Wintermute. This series of transactions involved 8.24 million BLUR tokens worth over $4.12 million.

Another whale that had withdrawn some of its BLUR holdings from Bin

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Author: Abiodun Oladokun

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