Why is Bluzelle Pumping? Concerns Grow Over Strange Whale Activity

Key Takeaways:

• After a weekend pullback, Bluzelle (BLZ) roared back on Monday, soaring above the $0.12 barrier that had been acting as resistance.
• The rate of increase in Age Consumed has reached its highest level in two months, leading some to suspect a whale-driven synchronized pump operation.
• Since September 2022, the last time BLZ had double-digit significant transactions was on August 13.

The 125% price increase of Bluzelle (BLZ) during the past week has made headlines. Data from the blockchain shows that there has been a dramatic increase in whale trade, leading some to suspect a concerted pump.

Bluzelle (BLU) is a blockchain-based distributed storage network that provides a database for content creators and programmers. A new 6-month high of $0.12 has been reached by the native token BLZ, which has increased in value by more than 125% during the past week.

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Why is Bluzelle Pumping?

The current upswing in the price of Bluzelle (BLZ) may be traced back to an increase in trading activity among whales, as seen by the underlying on-chain data. But will investors HODL or continue booking profits in the absence of a substantial product launch or community update?

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Strange Things are Happening with the BLZ Whales

Recent on-chain data analysis has shown some peculiar trading behaviour from the Bluzelle whales. According to the IntoTheBlock graph below, the BLZ network saw 22 Large Transactions on August 13. This is four times the total amount from the preceding 30 trading days.

Large Transaction Count monitors the daily aggregate of confirmed transactions over $100,000 to identify the trading activity of whale investors. The above-mentioned anomaly in Large Transactions suggests that BLZ whales are engaging in non-standard trading behaviour.

Since September 2022, the only other time double-digit whale trades were observed was on August 13 when 22 were registered. A sudden decline in BLZ’s price is possible unless whales keep up their current trading volume on a daily basis.

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Investors with Long-Term Horizons Have Begun to Flee

As the price of BLZ continues its meteoric rise into the hundreds, approximately 81 percent of its investors are currently in the black. As a result, many long-term investors have begun cashing out their holdings.

Data for BLZ Age Consumed, as shown below, reached a monthly high of 4.24 billion on August 13. The previous day’s total was 341.77 million, so this is a big jump.

Age Consumed measures the amount of long-held coins that are currently in circulation to provide an indication of the trading activity of long-term investors. Multiplying the number of coins that have changed hands recently by the number of days since their previous trade yields this figure.

Age Consumed increased by 1,400% in just 48 hours, indicating that many long-term Bluzelle holders have begun selling.

Conspiracy theories are sparked by the fact that both Whale Transactions and Age Consumed saw significant increases on the 13th of August.

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BLZ Price Prediction:  Possible Price Reversal to $0.05

The on-chain indications we looked at above suggest that BLZ’s price will retreat toward $0.05 in the days ahead. Nonetheless, the $0.09 area is where the bulls are likely to provide early support.

This pessimistic outlook is supported by the In/Out of Money Around Price (IOMAP) data, which reveals the distribution of acquisition prices among existing holders.

Below is a chart showing the distribution of the 231.2 million Bluzelle tokens that were purchased by 861 addresses at an average price of $0.09. In an effort to hedge their bets against potential losses, they can try to increase their purchases.

The recent uptick in the price of BLZ could burn out and send it tumbling toward $0.05 if the trend turns bearish.

A rally to $0.20 is possible if bulls take advantage of current momentum to release a new, improved version of the product. Even yet, the 58.4 million BLZ tokens that were purchased by 1,200 addresses at an average price of $0.15 each could cause a correction.

But if the opposition crumbles, Bluzelle might get back her twenty cents.

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