Blur recovers 9.8% after Machi Big Brother sold all his 18M $BLUR coins

Machi Big Brother, a renowned crypto influencer, recently made headlines for a $BLUR offload. Arkham Intelligence’s on-chain data shows that Machi Big Brother sold all his BLUR assets. After this sale, $BLUR tanked by 8%, which brought about market criticism.

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Today, Blur shows signs of recovery, with $BLUR trading at $0.1651, a 3.7% spike in the last 24 hours, and a 9.8% spike in the last seven days.

Machi Big Brother ditches Blur

According to on-chain data, Jeffrey “Machi Big Brother” Huang’s wallet moved all of its BLUR, or around $3.1 million, to the centralized crypto exchange Binance. Lookonchain adds, “Machi Big Brother has deposited all 18M $BLUR ($3.1M) at $0.17 to Binance at a loss in the past two days.”

According to reports, Machi Big Brother bought 12.44 million $BLUR at an average price of $0.51 between Nov 23, 2023 and Jun 18, 2024.

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$BLUR is the native token for the Blur NFT trading and lending platform, which will launch in 2022. DappRadar reports that Blur once accounted for at least 62% of all NFT trading volume.

Machi Big Brother has had a significant impact on Blur. Jeffrey Huang, often known online as Machi Big Brother, is a Taiwanese-American singer and tech entrepreneur. Huang is not a Blur founder or executive but has been one of the platform’s largest lenders.

Just last week, Huang discussed rising dissatisfaction with the token’s decreasing price on the Blur DAO Discord server as users questioned its worth. According to CoinGecko data, $BLUR has dropped 52% last month from $0.34.

In one message, Huang appeared to ask for an explanation of how the BLUR airdrop was distributed among farmers and holders and how much was kept for governance. In addition to Machi Big Brother’s $BLUR holdings, his other prominent investments are also showing signs of underperformance. 

According to SpotOnChain, he currently holds 275M $BLAST tokens valued at around $4.45 million. This indicates a significant loss of nearly $1.5 million.

Based on data from CoinGecko, the token reached its highest point at $5.02 on February 14, 2023, over a year ago. Also, the lowest recorded price for Blur was $0.1413, which happened just eight days ago, on July 5, 2024. In addition, Blur currently has a market cap of $287,527,314 and holds the 190th position on CoinGecko’s ranking.