The native token of the NFT platform Blur, known as BLUR, experienced a notable surge of 22% following its listing on Binance’s convert feature. The move was driven by increased optimism surrounding Blur’s sister protocol, Blast.
Binance’s convert feature, designed for retail customers, enables the buying and selling of assets without utilizing a traditional order book. BLUR’s value saw a rise from $0.55 to a peak of $0.64 after the listing, contributing to a broader uptrend that resulted in a doubling of its value over the past week, as reported by CoinMarketCap.
This surge coincided with Bitcoin (BTC) reaching its highest point since May 2022, reflecting the positive momentum in the overall cryptocurrency market.
Blur has seen particularly strong performance following the recent launch of Blast, a layer 2 network developed by the same team behind Blur. Since its launch, Blast has attracted over $400 million in deposits, and it is set to issue an airdrop in May. The market response to Blast has heightened interest in Blur, leading to increased trading activity.
The trading volume on BLUR trading pairs approached $1 billion over the past 24 hours, indicating heightened speculative activity as market participants seek to capitalize on the excitement surrounding the newly launched Blast protocol.
While Blast has garnered attention and user engagement, it has also faced criticism from certain segments of the crypto community, particularly regarding its referral scheme, which some critics have likened to a pyramid scheme. Despite this, the positive developments surrounding Blur, including its Binance listing and the success of Blast, have contributed to the token’s recent surge and increased market activity.
