NFT marketplace Blur, a competitor of OpenSea, conducted an airdrop of its native BLUR token on February 14.
Following the token distribution, the price of the asset reached as high as $5 before posting a spectacular 85% drop yesterday morning.
BLUR's trading volume reportedly reached $500 million less than 24 hours after the start of the airdrop.
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The project's tokens were distributed among Blur marketplace users. According to the platform, each user would receive a certain amount based on total activity, network volume and transactions made by each user on the platform.
On Wednesday morning, a day after the start of the airdrop, there were more than 33,000 unique BLUR wallet holders.
Some users decided to sell the tokens en masse after receiving them.