BLUR Crypto Skyrockets After DAO Proposal

Crypto News – The native token of NFT marketplace Blur rose more than 35% in 24 hours to surpass top cryptocurrencies by market cap, sending the price of Blur (BLUR) into a vertical spiral on Wednesday. However, yesterday’s performance was replaced by a slight decline, and the BLUR crypto was trading at $0.1812 at the time of writing. Today’s trading session high of $0.2235 was one of the highest levels since August.

BLUR Crypto Skyrockets After DAO Proposal

Even though the gains coincided with a minor improvement in overall crypto sentiment, the outperformance of the BLUR crypto was probably caused by another source. The investment firm Arca made an enhancement proposal on October 13 in an effort to turn on the fee switch for the Blur marketplace, according to an announcement from Blur.

The “Blur Fee Switch Discussion” proposal highlighted the inclusion of a 1% base trading fee for the marketplace. According to the update, the site would systematically buy back and burn BLUR each day using the fees earned. The suggestion sought to increase the usefulness of BLUR, according to Sasha Fleyshman, portfolio manager at Arca. The goal is to motivate the owners of BLUR.

The fee switch on Blur will reward users and increase creators’ royalties, with the platform’s season 2 of the BLUR airdrop reward system operational until November 20. Users would be incentivized to hoard rather than sell tokens under the proposal, which is considered a boost to the tokenomics of the NFT platform. Before a governance vote, there will be a seven-day debate period on the proposal.

BLUR Crypto Price Analysis

Looking at yesterday’s price chart of Blur, it appears that it has lost some of the massive increase it showed yesterday in just a few hours. Accordingly, BLUR crypto seems to be able to rely on support at the key price level of $0.20 to avoid further losses. However, on yesterday’s 4-hour chart, the RSI and MACD indicators reveal that the bulls have the upper hand. However, according to the chart, the RSI is in the overbought zone.