Blur has seen a 15% spike in its price over the past 24 hours, rising to trade above $0.53 according to data from CoinGecko. BLUR reached its all-time high of $5.02 on 14 February, 2023.
While the current price is nearly 89% down from the peak, recent gains mean the altcoin is +21% from the all-time low of $0.43 reached on 11 May, 2023.
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BinanceUS listing sends BLUR soaring?
The gains for BLUR came as BinanceUS, a cryptocurrency exchange that operates in the US (a US regulated subsidiary of Binance), added trading support for the token. Blur already trades on top exchanges OKX and Coinbase, and the opening of deposits on BinanceUS has added to the token’s visibility and liquidity.
In its announcement of the BLUR listing, BinanceUS noted support for two trading pairs – BLUR/USD and BLUR/USDT. The exchange wrote in a blog post:
“We’re excited to announce that Blur (BLUR) has been listed on Binance.US. You can now deposit Blur (BLUR). Trading on BLUR/USD and BLUR/USDT pairs will begin tomorrow, May 24, 2023 at 5 a.m. PDT / 8 a.m. EDT.”
Indeed, the BLUR/USDT pair recorded a bump in trading volume as the exchange listing news filtered into the market.
Overall, according to latest trading data, a spike in Blur’s network activity saw its daily trading volume increase over 390% to $83.7 million.
What else likely catalysed BLUR price?
Blur’s price also rose as the team announced that its peer-to-peer NFT lending platform Blur Lending (Blend) was set to add support for Pudgy Penguins. On Blend, users can take ETH loans and use their NFTs as collateral – with the funds then used to purchase other NFTs on the Blur marketplace.
Pudgy Penguins, which are also tradable on OpenSea, are a collection of NFTs focused on Web3. According to the Blur team, new Pudgy Penguins collections are set to drop on Blend daily this week.
What is Blur (BLUR)?
Blur offers an NFT marketplace and aggregator, allowing users access to analytics, portfolio management and the capacity to compare NFTs across different marketplaces. With Blur, a user can manage their NFT storage, carry out research as well as buy NFTs.
The BLUR token functions as the platform’s governance token and gives holders voting rights on key ecosystem issues and developments.