Crypto News – The price of Bluzelle (BLZ) has increased by 125% in the last week, grabbing attention. On-chain data suggests a sharp increase in the volume of whale transactions, raising concerns about coordinated pumping.
Why Are Worried Users Behind BLZ Crypto’s Spectacular Rise? – 2023
The decentralized storage network Bluzelle provides creators and developers with a database to store data. The native token BLZ has increased by almost 125% in the last week to reach a new 6-month high of $0.12. On the other hand, the primary cause of the current BLZ price increase, as indicated by the underlying on-chain statistics, is the surge in whales’ trading activity.
Will BLZ Crypto Fall Again?
The last several days have seen extraordinary trading activity among the Bluzelle whales, according to on-chain statistics. The IntoTheBlock figure below shows that on August 13, the BLZ network registered 22 Large Transactions. This is four times what was observed over the course of the previous 30 trading days put together.
By totaling the number of confirmed transactions each day that surpasses $100,000, the Large Transaction Count program keeps tabs on the trading activity of whale investors. The odd surge in large transactions that was seen above suggests that BLZ whales have peculiar trading behavior.
For comparison, the 22 Large Transaction observed on August 13 were the only occasions since September 2022 when whale trades have reached double digits. If the whales are unable to maintain this level of daily trading activity for the foreseeable future, BLZ may soon see a sudden price decline.
Long-Term Investors Are Beginning to Leave
Nearly 81% of BLZ holders are now in lucrative positions as the price rise soars into the triple digits. Many long-term investors have started to take profits as a result.
The BLZ Age Consumed data has increased to a 1-month peak of 4.24 billion on August 13, as shown below. This is a significant increase compared to the 341.77 million figures from the day before.
Many long-term holders of Bluzelle have started selling after a 1,400% increase in Age Consumed over the course of 48 hours. In addition, concerns about a planned pump operation are raised by the link between Whale Transactions and Age Consumed, both of which had significant jumps on August 13.
What Do Analysts Say About This Rise?
A potential short zone for the cryptocurrency Bluzelle (BLZ) was just mentioned by VECTOR PRIME® (@VECTORCP). He said that any invalidation would take place above the defined purple zone and that the projected take-profit zone (tp) would be located below.
About Bluzelle
A scalable data service, Bluzelle is a decentralized ecosystem powered by blockchain technology. The project’s major objective is to offer features, tools, and technical capabilities for data management and storage. By allowing users to create scalable, on-demand databases for decentralized apps, Bluzelle contributes to the future of the decentralized internet.
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