Blur token skyrockets as NFT sales surpass the $10m mark

The Blur (BLUR) token price gained bullish momentum for the first time in over four months as the marketplace saw a notable surge in non-fungible token (NFT) sales.

Blur is up by 30% in the past 24 hours and is trading at $0.39 at the time of writing, reaching a four-month high. The asset’s market cap is currently at $414 million, last seen in late July. BLUR’s 24-hour trading volume also skyrocketed by 400%, surpassing the $460 million mark.

BLUR price, whale activity, social volume, and open interest – Nov. 7 | Source: Santiment

According to data provided by the market intelligence platform Santiment, whale transactions consisting of at least $100,000 worth of BLUR surged by 248% over the past day — rising from only 19 transactions to 66 in 24 hours.

You might also like: Bank of England releases stablecoin regulation plan

Moreover, data provided by Santiment shows that Blur’s social volume witnessed an 80% surge.

It’s important to note that, per Santiment, the BLUR price-daily active addresses (DAA) convergence is currently at 24%. In simple terms, when the price DAA divergence indicator stays positive, the model triggers a “buy” signal.

The bullish expectations surface while the total open interest (OI) in BLUR reaches $295 million. However, the platform does not separately indicate the amounts of short and long positions.

NFT sales surge

The BLUR token price surge comes as the NFT ecosystem gained a 45% momentum over the past day. The total NFT sales volume surpassed the $18 million mark, according to data provided by DappRadar.

Per the data aggregator, most of the NFT sales, $10.65 million, come from the Blur marketplace, while its competitor, OpenSea, only saw a $2.83 million trading volume over the past day.

The number of sales on Blur has reached around 7,530 unique trades, with a total number of about 4,470 traders, according to DappRadar.

Read more: SEC Chair Gensler takes dig at lawyers advising crypto and defi projects

Source