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BLUR, a prominent token on the crypto market, has been recently endorsed by Arthur Hayes, the co-founder and former CEO of BitMEX. Hayes shared numerous hints on his Twitter account, where he hinted at the token's potential and made it clear that he decided to purchase it. The endorsement from Hayes caused a significant surge in the token's price, but it has since taken a downturn.
Unfortunately for BLUR, the token has lost more than 30% of its value in the last 48 hours. This could be a sign of large wallets actively taking profits after the recent distribution. The token has lost almost 90% of its value since its initial listing due to the high percentage of the supply being airdropped to users.
The high percentage of the token's supply being airdropped to users has caused a significant problem for the stability of the token's price. With so many tokens in circulation, it is difficult for the token to maintain a healthy market price. The large wallets taking profits could also be a sign of a lack of confidence in the token's long-term potential.
Despite the recent endorsement from Hayes and the token's potential, it appears that BLUR has a long way to go before it can establish itself as a stable and profitable investment. The recent downturn in price could be an indication that the market is still wary of the token's fundamentals and future prospects, as the volume on NFT marketplaces has not returned to the 2021 level.
At the time of writing, BLUR is trading at $0.94, down more than 30% from its recent highs. While the endorsement from Hayes may have initially caused excitement for the token, it appears that the market is still not convinced that BLUR has what it takes to succeed in the long term.