Blur (BLUR), a once-popular cryptocurrency, is now experiencing a significant decline in value, leading to losses for the majority of its holders.

Recent data reveals that 98.88% of BLUR holders are currently losing money relative to the price at which they acquired the tokens.

Blur gained attention and popularity shortly after its release, with early buyers witnessing substantial profits. The token’s value soared, reaching an all-time high of nearly $45 shortly after its launch in February.

Blur positioned itself as a platform for professional NFT traders, boasting advantages over competitors like OpenSea. Its trading activity surged, propelling the market’s total volume to over $2 billion in February.

However, Blur’s success proved to be short-lived. In recent months, the trading volume on the platform has significantly decreased, and whale traders are either experiencing losses or withdrawing their funds from Blur’s NFT bidding pool.

Some observers have labeled the intense trading activity as “wash trading,” raising concerns about the sustainability of Blur’s growth.

The wallet that received a significant number of BLUR airdrops decided to sell its holdings, according to a report from Lookonchain.

This whale wallet deposited 3.2 million BLUR, worth $1.15 million at current prices, to the OKX crypto exchange. During the token’s peak, these holdings were valued at approximately $4.3 million.

As of now, BLUR has experienced a significant drop of 99.29% from its all-time high, with the token hitting an all-time low of $0.296 on June 12.