Blur, a popular token in the crypto market, recently unlocked 35.54 million BLUR tokens, worth approximately $12.9 million, from the lockup contract just two hours ago.
These tokens were promptly moved to Coinbase for distribution.
This event is part of a broader trend, with a total of 690.8 million BLUR tokens, now valued at $256 million, or 23% of the total supply, being unlocked since June 15, 2023.
Since the beginning of 2024, BLUR has exhibited a pattern of short-term bullish pumps following token unlocks, only to experience a subsequent decline.
Despite occasional positive price movements immediately after these unlocks, the overall trend has been downward. Over the past 90 days, BLUR has lost up to 48% of its value, reflecting a significant bearish sentiment in the market.
35.54M $BLUR ($12.9M) was unlocked from the lockup contract and moved to #Coinbase for distribution ~ 5 hours ago.
In total, 690.8M $BLUR (now $256M), or 23% of the total supply, have been unlocked since Jun 2023.
Since the start of 2024, the $BLUR price has shown short-term… https://t.co/hL1pmwRIsM pic.twitter.com/ok2bz5kmth
— Spot On Chain (@spotonchain) May 16, 2024
Large Scale Blur Distribution Post-Unlock Phase Plays A Role
The large-scale distribution of tokens post-unlock plays a crucial role in this trend. As more tokens become available in the market, the increased supply often leads to downward pressure on the price. This phenomenon is evident with BLUR, where the influx of newly unlocked tokens typically results in a temporary boost in price, followed by a prolonged decline.
This ongoing trend highlights the challenges faced by BLUR in maintaining its price stability. Investors and market participants should take note of these unlock events and the associated price fluctuations. The pattern of short-term pumps followed by long-term declines suggests that while there may be opportunities for quick gains, the overall market outlook remains cautious.
As BLUR continues to navigate these market dynamics, it will be crucial for stakeholders to monitor unlock schedules and distribution activities closely. Understanding these patterns can provide valuable insights for making informed investment decisions in the volatile crypto market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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