Another Altcoin Unlocking Event: Attention, Price Started to Drop!

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Blur, held an unlock event that attracted attention in the world of NFT and decentralized crypto market. According to data from Spot On Chain, the NFT market has unlocked and released 34.42 million tokens worth $15.29 million to the cryptocurrency ecosystem.

Spot On Chain unlocked tokens will be sent to Coinbase for distribution announced. The analytics platform has released 655 million tokens (worth $259 million) since June 2023, accounting for 21.8% of the total BLUR supply.

According to Spot On Chain, since the last token unlock BLUR’s price has fallen by 41% due to market impact across the board. The analytics platform reported that 33.42 million new tokens were released to the crypto ecosystem on Monday, and that these tokens were released from the project’s lockup agreement and transferred to Coinbase for onward distribution.

An important point that Spot On Chain highlights is the fluctuation in the value of BLUR tokens. The total number of BLUR tokens released on Monday was 616.8 million and the total value was recorded as 411 million dollars. However, on Tuesday, a decrease in total value was recorded despite the increase in the number of tokens in circulation.

The decreasing BLUR price reflects the impact of increased supply. As more tokens are injected into the market, demand decreases. User sentiment also plays an important role in the development of the crypto market. As reflected in the price development, the expectation of falling demand may lead users to a sales wave in the short term.

Spot On Chain noted that Blur is in the second year of its four-year vesting program. According to TradingView data, BLUR is currently trading at $0.3898.


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