Should Blur investors be concerned about the dip in prices?

• BLUR ranked second on the record of high NFT initiatives by social exercise.
• BLUR was down by over 3% within the final 24 hours, and metrics regarded bearish.

Blur [BLUR] as soon as once more got here into the limelight due to its recognition within the NFT ecosystem. Whereas the blockchain excelled within the NFT area, its native token’s value witnessed a drop throughout the identical interval.

Let’s dive deep into Blur’s general well being to know what’s really happening.

BLUR’s NFT area is booming

CryptoDep, a preferred X (previously generally known as Twitter), not too long ago posted a tweet highlighting one in all Blur’s current achievements.

As per the tweet, Blur ranked second on the record of the highest NFT initiatives by social exercise on 4th December 2023. The tweet talked about that on 4th December, BLUR’s social interactions reached 623,000, whereas its social dominance stood at 0.12%.

TOP #NFT Initiatives by Social Exercise$VRA $BLUR $FLOKI $NAKA $ILV $GALA $XCAD $SAND $TVK $TLOS pic.twitter.com/K16RG6gAni

— CryptoDep #StandWithUkraine (@Crypto_Dep) December 4, 2023

AMBCrypto then had a take a look at Santiment’s information and located an identical development of development in its NFT area.

As per the info, BLUR’s whole NFT commerce counts spiked final week. In reality, its whole commerce quantity in USD additionally went up considerably on third December 2023.

Supply: Santiment

{The marketplace} additionally fared nicely towards its opponents, as a number of of the metrics had been forward of the remaining.

For instance, BLUR’s commerce quantity share was greater than 76%. However, its high competitor OpenSea’s share was solely above 19%.

The identical story was true for its market share by way of merchants, too. Aside from that, Blur was additionally near OpenSea by way of its variety of each day merchants, as per Dune.

Supply: Dune

Blur buyers are bearing losses

Whereas {the marketplace} continued to achieve new highs within the NFT ecosystem, the native token took a blow within the current previous as its value dropped.

In accordance with CoinMarketCap, BLUR was down by greater than 3% within the final 24 hours alone. On the time of writing, it was buying and selling at $0.5428 with a market capitalization of over $613 million.

Its buying and selling quantity additionally dropped, that means that buyers weren’t keen to commerce the token.

Like value, its recognition additionally dropped, as evident from the decline in its social quantity. Blur’s weighted sentiment dropped, that means that detrimental sentiment was dominant.

Blur’s community development declined, that means that fewer new addresses had been created to commerce the token. Nevertheless, it was shocking to see that, regardless of a drop in value, its MVRV ratio elevated.

Supply: Santiment

How a lot are 1,10,100 BLURs worth today

 AMBCrypto’s evaluation of Blur’s each day chart additionally identified fairly just a few bearish metrics.

BLUR’s Cash Stream Index (MFI) and Relative Power Index (RSI) each went down. Its Chaikin Cash Stream (CMF) additionally dropped, which may have performed its half in pushing the token’s value down.

Supply: TradingView