Whales load up on BLUR after Season 2 airdrop

• BLUR has outperformed other altcoins with 35% upside
• Data shows increased whale buying after the end of the NFT marketplace’s season 2 airdrop.
• BLUR price reached a high of $0.52, its highest level since late May.

Blur (BLUR) was outperforming with a massive 35% upside at the time of writing. Meanwhile, top coins and tokens in the crypto market continued to grapple with increased bearish pressure following events that unfolded around Binance in the past 24 hours.

Market data shows BLUR traded to $0.52 on Wednesday, its highest level since May 29, 2023. 

But while BLUR was 35% up and looking to extend gains seen over the last 24 hours, Bitcoin and Ethereum were -1.1% and +2.8% at $36,560 and $2,034 respectively.

Blur token surges after Season 2 airdrop

Blur’s recently completed airdrop looks to have sparked a flurry of buying by large holders. According to on-chain data, there has been massive whale activity since Monday when the Blur team announced NFT traders could begin to claim season 2 airdrop allocation.

Season 2 is COMPLETE

NFT traders on Blur and Creators are eligible for the Season 2 airdrop.

You have 45 days to claim your $BLUR ⏰ pic.twitter.com/HrNtpt2t5z

— Blur (@blur_io) November 21, 2023

The airdrop campaign looks to incentivize further use of the platform, particularly after the bear market took a heavy toll on sales volumes.

Blur’s open-ended Season 2 airdrop allowed users to earn points towards a chance for BLUR by listing, bidding or lending NFTs. High-value trades earned more and whales are adding to the windfall of BLUR tokens received in the airdrop by accumulating more from the open market.

On-chain data tracker Lookonchain revealed earlier today that as the price of BLUR pumped following the airdrop, 19 addresses added 51.3 million BLUR. That was $21 million worth of the token purchased by top holders after 10 wallets received 85.69 million BLUR worth $27.25 million.

While a number of holders have looked to cash in on the airdrop, its likely whales are going to accumulate more. If the price ticks up further, bulls could be looking at a potential retest of April highs of $0.81 and February peak of $1.24.