Over the past weekend, Blur’s lock-up contract unlocked 37.51 million BLUR tokens, valued at $11.69 million, which were subsequently transferred to Coinbase Prime.
This lock-up contract initially received these tokens from the Blur developer team one year ago, and this monthly unlock activity has been a consistent practice since June 2023.
Over the past year, a total of 728.296 million BLUR tokens, roughly valued at $272 million, have been unlocked, with most of these tokens transferred to Coinbase Prime.
Despite these substantial releases, the lock-up contract still holds 726.7 million BLUR, worth approximately $226.48 million, which are scheduled to be unlocked in the upcoming months.
BLUR Token Price Action To Monitor Following Recent Happenings
The unlocking and transfer of large volumes of BLUR tokens have likely contributed to the ongoing bearish trend. According to Coinmarketcap data, BLUR has experienced a consistent decline across all time frames, losing 9% today and 22% over the past seven days. This downward trend reflects growing bearish sentiment in the market, potentially exacerbated by the steady influx of unlocked tokens entering the market.
37.5M $BLUR ($11.6M) was just unlocked and transferred to Coinbase Prime 30 minutes ago.
The above transaction is part of a monthly unlock activity that has been ongoing since June 2023.
Over the past year, 728.296M $BLUR (approximately $272M) was unlocked, and most of these… pic.twitter.com/88lLG0FPVD
— Spot On Chain (@spotonchain) June 16, 2024
As the lock-up contract continues to release more BLUR tokens, market participants may remain cautious, anticipating further price drops. The ongoing transfers to Coinbase Prime could signal potential sell-offs, adding to the selling pressure on BLUR.
For investors and market watchers, the key focus will be on how these token unlocks impact BLUR’s price and overall market sentiment in the coming months. The significant amount of BLUR still held in the lock-up contract suggests that the market could see continued volatility as more tokens are unlocked and transferred.
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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