According to data from Lookonchain, Sigil, a Gibraltar-based fund, has abandoned BLUR, one of this week’s best-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable NFT trading .
Sigil Fund sells BLUR for IMX and LDO
On November 24, Lookonchain, a crypto analytics platform, launched noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth approximately $1.14 million, and 210,905 LDO, trading at $540,000, at spot rates. The exchange took place over multiple transactions and was done on-chain.
The trade comes about three days after Sigil withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund is exiting BLUR as the token has dominated performance in recent trading days.
To quantify it, the token has more than doubled this week alone, rising to new highs above $0.60 in the second half of 2023. BLUR is already up 330% from its 2023 low and continues to rise thanks to rising trading volume.
Gibraltar-based crypto investment fund BLUR’s rotation into core governance tokens from Lido DAO and Immutable have recommended stopping BLUR – and not simply riding the current ride – for LDO and IMX.
In retrospect, this shift could be an affirmation of the resilience and inherent growth prospects of the decentralized finance (DeFi) sector. The rotation of funds into DeFi tokens could also indicate a focus on supporting decentralized ecosystem building rather than speculative NFT mania, as is currently the case with BLUR, which is rising rapidly, spurred by the Season 2 airdrop.
LDO and IMX are essential for DeFi and NFT
As of November 2023, Lido DAO and Immutable X are some of the core platforms powering crypto and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X provides a secure NFT trading infrastructure. While recent troubles at FTX and other CeFi actors like FTX’s partner, Alameda Research, continue to limit the upside, Sigil’s allocation change is a show of support for DeFi.
It is not immediately clear whether LDO and IMX prices will increase in the future. For now, it remains in an uptrend, but it is generally volatile and does not gallop higher like BLUR. The token is up 80% from its October 2023 low at the time of writing. Meanwhile, IMX extends gains to 2023 highs, watching price action in the daily chart.
Feature image from Canva, chart from TradingView