Blast

Secret

Parabolic

Read

Spot

<p>In a cryptosphere where new networks appear daily promising innovation, scalability and wealth, standing out is no easy task. Yet Blur’s layer 2 solution Blast has managed to do just that only days after launch, accruing over $250 million in Total Value Locked (TVL).</p>
<p>This astronomical growth is likely driven by Blur’s credentials – the team behind privacy coin Secret Network launched Blast after raising $100 million from major investors. However, TVL alone doesn’t reveal the full picture. Delving into on-chain data provides insight into the key players and market sentiment propelling Blast’s parabolic ascent.</p>
<h2 class="wp-block-heading" id="whale-watching">Whale Watching</h2>
<p>On-chain analyst firm Spot on Chain <a href="https://x.com/spotonchain/status/1727556982004191492?s=20" target="_blank" rel="noopener noreferrer nofollow">revealed</a> that Blast’s biggest depositor is wallet 0xeab, having staked an astonishing $20.6 million worth of ETH. Two other notable whales deposited $8.5 million and $8.2 million respectively.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="884" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-625-1024x884.png" alt="" class="wp-image-383462" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-625-1024x884.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-625-300x259.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-625-768x663.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-625-1536x1326.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-625-2048x1769.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-625-174x150.png 174w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-625-100x86.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-625-405x350.png 405w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-625-788x680.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-625.png 1202w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>But perhaps more interesting is the behavior of BLUR holders acquired through Blast’s airdrop. 22 major players allegedly rebought 55.9 million BLUR worth $20.8 million, before sending 53.5 million tokens to staking pools to earn Blast points.</p>
<p>The on-chain forensics identified whale 0x154 as the largest BLUR accumulator, having amassed $7.37 million worth. Meanwhile crypto fund Sigil and venture firm Mandala Capital also took positions in the millions.</p>
<h2 class="wp-block-heading" id="reading-the-charts">Reading the Charts</h2>
<p>The proof of meaningful accumulation manifested quickly on the charts, with BLUR gaining over 70% from $0.2977 to $0.5146. The buying frenzy has slightly cooled but BLUR still changes hands around $0.47, presenting an opportunity for technical traders.</p>
<p>Before the pump, BLUR was consolidating below a key resistance. The influx of volume post-airdrop provided the catalyst for price discovery. Investors then piled in upon noticing the uptick in momentum – a common behavior in crypto markets following significant events.</p>
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<p>But gravity often strikes after such aggressive spikes. BLUR’s RSI reached overbought levels during the pump, preceding pullbacks as traders secure profits.</p>
<p>For now, Blast’s meteoric launch has shown the potential behind Blur’s layer 2 vision. But with whales accumulating and technicals wonky, volatility likely awaits BLUR holders – for better or worse.</p>
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<p>The post <a href="https://captainaltcoin.com/inside-blast-on-chain-clues-behind-blurs-parabolic-layer-2-growth/" rel="noopener noreferrer nofollow">Inside Blast: On-Chain Clues Behind Blur’s Parabolic Layer 2 Growth</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Inside Blast: On-Chain Clues Behind Blur’s Parabolic Layer 2 Growth

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