Recently, more than 49 million Blur tokens became available as they were unlocked, causing a notable reaction in their value—an increase of over 7%.
The unlocking of Blur tokens is an ongoing process, and the latest unlock has seen a significant portion of the tokens being transferred to a cryptocurrency exchange. In light of this recent development, it’s crucial to observe how the token has performed and identify the predominant direction in exchange flow over the past few days.
Blur Token Unlocking: Recent Movement and Circulating Supply Insights
Recently, a lot of Blur tokens—about 49.8 million worth around $23.2 million—became available. They were first moved from a special address to Coinbase Prime, a popular cryptocurrency exchange.
This recent unlocking is part of a larger process, and in total, 485 million Blur tokens, valued at approximately $226 million, have been unlocked and sent to Coinbase Prime. Even with this substantial number of tokens becoming available, the current circulating supply, which is the number of tokens actively in the market, is over 1.1 billion. The total supply, which includes all the tokens that can ever exist, is set at 3 billion, according to the latest information from CoinMarketCap.
Despite the large number of unlocked tokens, there are still plenty more that haven’t entered the market. This information gives us insights into how many Blur tokens are actively circulating and available for trading.
Blur Token Exchange Flow: Post-Unlock Analysis
Examining the exchange flow chart has revealed a noticeable impact resulting from the recent unlocking of Blur tokens, showing a significant uptick in activity.
As of the latest update, the inflow chart demonstrated that more than 54 million Blur tokens have made their way into exchanges. This notable influx marks the first occurrence of such a volume this month, indicating a considerable inflow of tokens likely intended for sale.
Source: Santiment
In contrast, the exchange outflow chart depicted that nearly 45 million tokens have exited various exchanges. Similar to the inflow, this represents the first instance of such a high volume in the month.
This observed increase in token withdrawal by traders suggests a rise in accumulation, pointing towards a potential shift in market sentiment. The current analysis of exchange flow indicates a balanced movement of tokens on and off exchanges, signifying a stable post-unlock scenario with a lack of immediate sell-offs.
Positive Price Trend Post-Token Unlocks for Blur
Following the recent token unlocks, the price movement for Blur has displayed a positive trend, evident in the daily timeframe chart. The chart reveals a notable increase of over 7% in value based on the most recent data.
Currently, Blur is trading at approximately $0.48, showcasing a gain of 7.5%. This recent surge in price has not only contributed to the positive movement but has also impacted the Relative Strength Index (RSI) line. As of the latest update, the RSI line is slightly above the 50 mark, indicating a weak but identifiable bullish trend.
Source: TradingView
These indicators suggest a favorable market response to the token unlocks, highlighting positive momentum and potential bullish sentiment for Blur.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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