In a cryptosphere where new networks appear daily promising innovation, scalability and wealth, standing out is no easy task. Yet Blur’s layer 2 solution Blast has managed to do just that only days after launch, accruing over $250 million in Total Value Locked (TVL).
This astronomical growth is likely driven by Blur’s credentials – the team behind privacy coin Secret Network launched Blast after raising $100 million from major investors. However, TVL alone doesn’t reveal the full picture. Delving into on-chain data provides insight into the key players and market sentiment propelling Blast’s parabolic ascent.
What you'll learn 👉
Whale Watching
On-chain analyst firm Spot on Chain revealed that Blast’s biggest depositor is wallet 0xeab, having staked an astonishing $20.6 million worth of ETH. Two other notable whales deposited $8.5 million and $8.2 million respectively.
But perhaps more interesting is the behavior of BLUR holders acquired through Blast’s airdrop. 22 major players allegedly rebought 55.9 million BLUR worth $20.8 million, before sending 53.5 million tokens to staking pools to earn Blast points.
The on-chain forensics identified whale 0x154 as the largest BLUR accumulator, having amassed $7.37 million worth. Meanwhile crypto fund Sigil and venture firm Mandala Capital also took positions in the millions.
Reading the Charts
The proof of meaningful accumulation manifested quickly on the charts, with BLUR gaining over 70% from $0.2977 to $0.5146. The buying frenzy has slightly cooled but BLUR still changes hands around $0.47, presenting an opportunity for technical traders.
Before the pump, BLUR was consolidating below a key resistance. The influx of volume post-airdrop provided the catalyst for price discovery. Investors then piled in upon noticing the uptick in momentum – a common behavior in crypto markets following significant events.
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But gravity often strikes after such aggressive spikes. BLUR’s RSI reached overbought levels during the pump, preceding pullbacks as traders secure profits.
For now, Blast’s meteoric launch has shown the potential behind Blur’s layer 2 vision. But with whales accumulating and technicals wonky, volatility likely awaits BLUR holders – for better or worse.
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