The surge is largely due to Blur's lending platform, which saw roughly 350 Azuki NFT loans getting liquidated after the Elementals mint.
Azuki sell-offs from long-term holders soared by more than 800%.
Defined as holding onto the non-fungible token for more than a year, 132 long-term Azuki holders sold their NFTs during or after this week's drop of the new Elemental collection. That was a 817% spike in long-term holders selling their Azukis, according to crypto data provider Nansen.
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