According to data from Lookonchain, Sigil, a fund in Gibraltar, swapped BLUR, one of this week’s best-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X, a dedicated Layer 2 scaling solution .mainly for NFT trading. .
Sigil Fund sells BLUR to IMX and LDO
On November 24, Lookonchain, a crypto analytics 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, a cash exchange rates. The exchange was carried out through multiple transactions and on-chain.
The exchange comes approximately three days after Sigil withdrew 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 more than doubled this week alone, reaching new highs in the second half of 2023, above US$0.60. BLUR is already up 330% from its 2023 lows and continues to rise thanks to increased trading volume.
The rotation of the Gibraltar-based crypto investment fund from BLUR to Lido DAO and Immutable was immediate which could have advised the fund to exit BLUR, and not simply travel on the current journey, to LDO and IMX.
In retrospect, the move could be an endorsement of the resilience of decentralized finance (DeFi) and its 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 craze as is currently the case with BLUR, which is growing 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 top platforms powering cryptocurrencies and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers secure NFT trading infrastructure. While recent issues at FTX and other CeFi players such as FTX partner Alameda Research continue to limit the rise, Sigil’s allocation change is an endorsement of 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 upwards like BLUR. The token is up 80% from its October 2023 lows at press time. Meanwhile, IMX is extending its gains to 2023 highs by watching the price action on the daily chart.