In January 2024, there’s an anticipation of over $2 billion worth of tokens being unlocked. On January 16, 2024, the Blur NFT marketplace’s own token, BLUR, experienced a notable unlocking of 49.46 million tokens, valued at approximately $32.55 million.
This is the second time BLUR has unlocked its tokens, and it’s following a similar pattern observed with Injective (INJ). In the past, these events have consistently resulted in notable upticks in the token’s price.
BLUR Token Unlocks and Surges: A Look at the Recent Event
BLUR tokens have undergone multiple unlocking events since June 15, 2023, totaling over 534.74 million tokens, valued around $355.39 million. The recent unlocking on January 16, 2024, marks the 8th occurrence.
Examining key statistics like maximum, total, and circulating supply reveals that BLUR has a total supply of 3 trillion tokens, with only 1.3 trillion currently in circulation, hinting at potential future unlocks.
49.46M $BLUR($32.55M) was unlocked 2 hours ago.
Since Jun 15, $BLUR has been unlocked once a month and 8 times in total, unlocking 534.74M $BLUR($355.39M).
In 5 of the previous 7 unlocks the price will increase after unlocking.https://t.co/EnxgaEAqeI pic.twitter.com/jbD8EEL1u7
— Lookonchain (@lookonchain) January 16, 2024
Beyond the unlocking events, BLUR consistently experiences substantial price surges during these occasions. The latest token unlock led to an 18% surge in BLUR’s price, reaching approximately $0.68.
Over the past 24 hours, it has sustained an 18% upside momentum. Looking at a broader timeframe, BLUR has shown impressive gains, with over 40% in the last 7 days and a remarkable 50% surge in the last 30 days.
BLUR Token Analysis: Bullish Trends and Potential Concerns
Technical analysis by our experts indicates that BLUR’s token, on a weekly timeframe, forms an inverted head and shoulder price action pattern, considered a bullish sign. Furthermore, the bullish momentum is supported by the 200 Exponential Moving Average (EMA), as BLUR trades above it on the daily timeframe. If this bullish trend continues, along with favorable conditions in the cryptocurrency landscape, we may witness BLUR reaching levels of $0.78 and $1.23 in the future.
This is the 2nd consecutive token unlock we have witnessed, and in both events, we experienced a massive price surge in these tokens. However, the reason behind this price surge is still unknown. During the token unlock, millions of tokens come into circulation, implying more supply than the previous demand.
Yet, this unlock only benefits employees, investors, as well as future employees. This means the token unlock exclusively benefits these individuals, excluding retail investors. In the longer term, if these individuals decide to sell, we may witness a significant dump.
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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