- BLUR holders were mired in the deep trenches of unprofitability at press time.
- BLUR’s TVL and market cap offered a glimmer of hope.
What comes to mind when you think of the Blur [BLUR] sign? Perhaps an image of someone seeing blurred vision (pardon the pun), given the weak price action since the heavily hyped lunch.
Is your wallet green? Check out the BLUR Profit Calculator
BLUR’s performance was nothing short of a disappointment to most of its holders. IntoTheBlock recently noted that 98% of all BLUR holders have not yet broken even compared to their purchase price.
This is despite the upside we’ve seen with most of the top cryptocurrencies since the start of 2023.
98.88% of $BLUR holders lose against the price when they received the tokens pic.twitter.com/KkT2p2P4qg
— IntoTheBlock (@intotheblock) July 7, 2023
BLUR’s price data dates back to mid-February 2023, with an initial price of around $0.65. It had a bullish first week with prices peaking at $1.40. However, it has faced general selling pressure since then.
BLUR reached its lowest price point at $0.28 in the second week of June. It changed hands at $0.32 at the time of writing, which is still near its all-time low. This explains why most holders were lost at the time of going to press.
Source: TradingView
Why the bearish performance? One of the reasons BLUR’s price action is so bearish could be profit-taking by pre-sale buyers. Those who acquired the token before it hit the open market likely entered at favorable price points that would allow them to still make a profit despite the bearish performance.
Can BLUR provide some clarity on its future prospects?
A lack of investor interest has also clouded BLUR’s path to success. This is clearly visible in the volume, which has been decreasing in recent months. Volume peaked at just over $741 million in February 2023. The volume fell to $19.33 million in the past 24 hours.
Source: Coinmarketcap
Despite the uninspiring performance, BLUR has seen a significant recovery over the past four weeks. The market cap clearly confirmed that there was still some confidence among BLUR investors.
It hit a low of $147.2 million in the second week of June and has since bounced back. It even managed to more than double its four-week peak of $307.6 million.
Read blurs [BLUR] Price Forecast 2023-24
BLUR had a market cap of $239.3 million at the time of writing. It confirmed that there had been significant liquidity inflows in recent weeks. But can it overcome the damaged confidence we’ve seen since earlier this year? Well, the future is not set in stone, but there is at least one key area that has shown promise.
BLUR’s total locked value has increased since last December when it was below $1 million. It had a TVL of $143.28 million at the time of going to press.
Source: DeFiLlama