Should Blur investors be concerned about the dip in prices?

• BLUR ranked second on the list of top NFT projects by social activity.
• BLUR was down by over 3% in the last 24 hours, and metrics looked bearish.

Blur [BLUR] once again came into the limelight because of its popularity in the NFT ecosystem. While the blockchain excelled in the NFT space, its native token’s price witnessed a drop during the same period.

Let’s dive deep into Blur’s overall health to understand what’s actually going on.

BLUR’s NFT space is booming

CryptoDep, a popular X (formerly known as Twitter), recently posted a tweet highlighting one of Blur’s recent achievements.

As per the tweet, Blur ranked second on the list of the top NFT projects by social activity on 4th December 2023. The tweet mentioned that on 4th December, BLUR’s social interactions reached 623,000, while its social dominance stood at 0.12%.

⚡️TOP #NFT Projects by Social Activity$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 look at Santiment’s data and found a similar trend of growth in its NFT space.

As per the data, BLUR’s total NFT trade counts spiked last week. In fact, its total trade volume in USD also went up substantially on 3rd December 2023.

The marketplace also fared well against its competitors, as several of the metrics were ahead of the rest.

For example, BLUR’s trade volume share was more than 76%. On the other hand, its top competitor OpenSea’s share was only above 19%.

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The same story was true for its market share in terms of traders, too. Apart from that, Blur was also close to OpenSea in terms of its number of daily traders, as per Dune.

Source: Dune

Blur investors are bearing losses

While the marketplace continued to reach new highs in the NFT ecosystem, the native token took a blow in the recent past as its price dropped.

According to CoinMarketCap, BLUR was down by more than 3% in the last 24 hours alone. At the time of writing, it was trading at $0.5428 with a market capitalization of over $613 million.

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Its trading volume also dropped, meaning that investors were not willing to trade the token.

Like price, its popularity also dropped, as evident from the decline in its social volume. Blur’s weighted sentiment dropped, meaning that negative sentiment was dominant.

Blur’s network growth declined, meaning that fewer new addresses were created to trade the token. However, it was surprising to see that, despite a drop in price, its MVRV ratio increased.

Source: Santiment

How much are 1,10,100 BLURs worth today

 AMBCrypto’s analysis of Blur’s daily chart also pointed out quite a few bearish metrics.

BLUR’s Money Flow Index (MFI) and Relative Strength Index (RSI) both went down. Its Chaikin Money Flow (CMF) also dropped, which could have played its part in pushing the token’s price down.

Source: TradingView