According to Lookonchain data, Sigil, a fund in Gibraltar, left BLUR, one of this week’s best performing tokens, for Lido DAO’s LDO and IMX, the native token Immutable Layer 2 ladder primarily dedicated to NFT trading. .
Sigil Fund sells BLUR for IMX and LDO
On November 24, Lookonchain, a crypto analytics platform, note 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 rates. The exchange was made via multiple transactions and carried out on-chain.
The exchange comes approximately three days after Sigil withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund is exiting BLUR as the token has dominated performance over the past few trading days.
To quantify, the token has more than doubled this week alone, hitting new H2 2023 highs 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 core governance tokens from Lido DAO and Immutable It’s not immediately clear what might have advised the fund to pull out. BLUR – not just the current route – for LDO and IMX.
In retrospect, this shift could be an endorsement of decentralized finance (DeFi)’s resilience and inherent growth prospects. The rotation of funds into DeFi tokens could also mean a focus on supporting the building of decentralized ecosystems rather than the speculative NFT mania, as is currently the case with BLUR, which is rising rapidly, boosted by the airdrop from season 2.
LDO and IMX are essential for DeFi and NFT
As of November 2023, Lido DAO and Immutable X are among the leading platforms driving crypto and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers secure NFT trading infrastructure. Although recent issues from 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 the prices of LDO and IMX will increase slightly. For now, it remains on an uptrend but is generally volatile and not galloping higher like BLUR. The token is up 80% from the October 2023 low at press time. Meanwhile, IMX extends gains to 2023 highs, looking at price action in the daily chart.
Featured image from Canva, chart from TradingView