Weekly NFT sales increase after Blur’s new airdrop; Tether Increases Market Cap As Investors Drop BUSD; TMS Network (TMSN) presale sells out! The Go-To Platform for Traders

With the start of 2023, the crypto industry has started to see price improvements, and with it a host of additional activity in the sector. While some have been good, and some bad, there’s no denying that there are plenty of opportunities for investors looking to find a good deal.

Blur’s new airdrop triggers an increase in NFT sales

A good example for those seeking new opportunities comes from Blur, a popular NFT marketplace that recently became the talk of the town after conducting a token airdrop. The BLUR reward distribution reignited interest in the platform, leading to a massive 159% increase in NFT sales.

The Blur platform saw this surge in activity over the past seven days, between February 17th and February 23rd. Blur’s total weekly NFT sales jumped to $772 million, up from close to $299 million previously. According to data collected on Tuesday, the average price of the assets sold also went up to $566, while it previously stood at $175 on February 14.

Cryptoslam’s NFT relationship strategist, Yehudah Petscher, said Blur rewards drive most of the action.

Currently the 125th largest token by market cap, BLUR saw its price go from $0.83 to $0.88 this Sunday. But on Monday, February 27, the BLUR price fell to $0.84, which is where it stands at the time of writing.

Tether’s market cap rises as Binance USD investors abandon stablecoin

Recently, Tether saw a significant increase in its market cap, which went up by 3.85%. The increase in the USDT market cap came after US regulators cracked down on Paxos, the issuer of the Binance USD (BUSD) stablecoin. After the SEC’s intervention, BUSD suffered an 18% drop in market value, as users began selling the stablecoin or exchanging it for other stablecoins in the industry.

Tether was one of the most popular choices, which is not surprising given its position as the third largest crypto by market capitalization, and the last stable coin in the industry. At the time of writing, USDT’s market cap is $70.8 billion, bested only by Ethereum and Bitcoin. While Tether won’t find itself in a position to move up the charts when it comes to market cap at some point, the project will definitely find this addition to be useful.

As for the reason behind the selloff that benefited Tether, it stems from the fact that the SEC began investigating both Paxos and BUSD, as well as a number of other stablecoins, to determine whether they should be classified as unregistered securities. Given the fact that the regulator has cracked down quite heavily on the crypto industry since the start of the year, it is understandable why stablecoin users are moving to other assets.

Trading in the decentralized sector has increased quite significantly since DEXs became popular, but since they are still in their early stages, there is a long way to go before they can compete with CEXs as equals. This is the reason why TMS Network (TMSN) was developed to serve as an Ethereum-based one-stop-shop for all traders.

You can find out more about TMS below:

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