According to Lookonchain data, Sigil, a fund in Gibraltar, ditched BLUR, one of this week’s top-performing tokens, for Lido DAO’s LDO, and IMX, the native Immutable X token, a dedicated Layer 2 scaling solution. mainly to nft trading. .
Sigil Fund sells BLUR for IMX and LDO
On November 24, Lookonchain, a cryptoanalysis platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth approximately $1.14 million, and 210,905 LDO, trading at $540,000, at spot exchange rates. The exchange was carried out through multiple transactions and on chain.
The exchange comes approximately three days after Sigil. he retired 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund exits BLUR as the token has dominated performance over the past few trading days.
To quantify, the token has more than doubled this week alone, reaching new highs in the second half of 2023 above $0.60. BLUR is already up 330% from its 2023 lows and continues to rise thanks to increased trading volume.
The Gibraltar-based crypto investment fund’s rotation from BLUR to Lido DAO and Immutable immediate what could have advised the fund to exit BLUR, and not simply travel on the current trip, for LDO and IMX.
In retrospect, the change could be an endorsement of the resilience of decentralized finance (DeFi) and its inherent growth prospects. Rotating funds into DeFi tokens could also mean a focus on supporting the building of decentralized ecosystems rather than speculative nft mania, as is currently the case with BLUR, which is rising rapidly, fueled by the Season 2 airdrop. .
LDO and IMX are key to DeFi and nft
As of November 2023, Lido DAO and Immutable X are some of the major platforms powering cryptocurrencies and DeFi. Lido DAO plays a crucial role in ethereum staking, while Immutable X offers secure nft trading infrastructure. Although recent issues at FTX and other CeFi players like FTX partner Alameda Research continue to limit upside, Sigil’s allocation change is an endorsement for DeFi.
Going forward, it is not immediately clear whether LDO and IMX prices will rise. For now, it is still in an uptrend, but overall it is volatile and not galloping upward like BLUR. The token is up 80% from the October 2023 lows at the time of this publication. Meanwhile, IMX is extending its gains to 2023 highs, watching the price action on the daily chart.
Featured image from Canva, TradingView chart
