Thanksgiving holiday was a good time for the crypto market as Blur, an NFT platform, witnessed a jump of 22% in its market value amid the Binance listing announcement and the Blast optimism. Events around the crypto space have been seen to impact various currencies, and the most recent is the Binance listing announcement that tagged the Blur platform.
Additionally, Binance also showed interest and growing optimism around Blast, a sister protocol to Blur. This slipped over to Blur’s market movement that witnessed a jump in price, hitting a peak of $0.679 with a $1.1 billion daily trading volume in the early morning after Friday’s Thanksgiving holiday.
Blur has also commented on the emerging concerns about the rumors of a Ponzi scheme and addressed major security alerts together with the Blast network.
BLUR surges by 22%
Recent developments in Binance have affected the crypto market, with BLUR taking center stage as it surged by 22% on Friday, now recording a current price tag of $0.64. This adds a major weekly gain of 105.12%, according to CoinMarketCap.
BLUR is a native token to the Non-Fungible Token (NFT) platform Blur, and the recent listing of the token in the Binance crypto exchange has fostered this surge. Retail customers are the major target of this new move by the exchange that will allow them to trade digital assets without the need to employ the traditional order book.
After the listing announcement, BLUR rose from its $0.55 level to highs above $0.64, and this shows a compounding bullish trend. Additionally, its price doubled over the past week and has joined Bitcoin in reaching fresh highs.
Bitcoin rose to levels touching $38,000 amid the Friday Thanksgiving holiday. Bitcoin-spot exchange-traded funds approval has been the major influence on its price movement, and experts predict this price might increase to $40,000 over the weekend.
BTC is currently tagged at $37,827 at the time of writing, recording a 1.14% increase in the past 24 hours. This totals to an 11.22% monthly gain for the major digital currency. This records fresh highs for BTC market price not seen for the past 18 months since May 2022.
The token has surged amid the launch of its layer 2 network, Blast. The layer 2 network has received over $400 million in deposits and is expected to issue an airdrop in May 2024. Blur enthusiasts have taken to attempts to cash in on the Blast hype and have seen a trading volume increase in BLUR just shy of $1 billion in the past day.
Rumors on Blur and Blast Ponzi scheme
However, there have been criticisms surrounding the NFT platform based on its referral scheme, which has been termed a pyramid scheme. Despite these rumors, the Blast founder responded to the Ponzi scheme buzz and addressed security concerns.
Packman, BLUR’s founder, set the record straight via social media. He commented on the meme suggesting that Blast operates under a Ponzi scheme and explained that the yields from the layer 2 network are initially sourced from MakerDAO and Lido.
Additionally, the Lido yields originate from Ethereum staking yields, which are a part of the Proof-of-Stake (PoS) mechanism employed in the major crypto. MarkerDAO’s yields come from on-chain T-Bills that are received as US government debt obligations.
Packman also commented that the yields are sustainable and fundamental to components of off-chain and on-chain economies. He explained that the major reason behind Blast’s lucrative yields is that the yields are made default for users. This, in turn, democratizes high returns effectively.
Packman also dismissed the rumors on Paradigm’s involvement in the Blast launch and said the firm had zero involvement in the go-to-market (GTM) strategy for the layer 2 network. He noted that they do not converse with Paradigm on GTM despite being an expert firm in technical L2 designs and research. -+