An NFT platform closely followed by Turkish investors will release $60 million worth of altcoins tomorrow. This event, known as the token unlock, is large enough to have a negative impact on the price.
This altcoin will launch $60 million tomorrow
There are token unlock alerts for 28 altcoins this week. The closest of them, Blur (BLUR), will release 196 million BLUR for $60 million tomorrow. The unlock event will be distributed among the following stakeholders:
- 115.68 million ($36.8 million) to past and future key contributors
- 75.4 million ($24 million) to investors
- 4.9 million ($1.56 million) to consultants
How might BLUR price react?
BLUR price is down roughly 5% the day before my lockdown. Its price dropped to $0.30 and is currently outperforming the market overall. According to data from Token Unlocks, Wednesday’s token unlock will release approximately 196 million tokens, representing around 40% of the currently circulating supply.
Once that $62 million is released, BLUR investors will have more autonomy over their assets. In other words, they are now free to sell or trade them for another altcoin. This means absolute selling pressure on the price.
As the fundamentals of the economy would suggest, the release of so much new supply, assuming demand remains stable, points to a negative impact on price. The unlock will also come at a time when SEC lawsuits are on the agenda. Even though the SEC didn’t mention BLUR as a security, the altcoin tumbled more than 20% over the past weekend. Monthly depreciation exceeded 30%.
According to Token Unlocks, about 83% of all BLUR tokens are still waiting to be unlocked. BLUR’s liquidity stands at approximately $2.39 million in its top five pools in Uniswap V3, the latest iteration of the largest decentralized exchange by trading volume. According to CoinGecko, on MEXC, a different crypto exchange, a sell order of $473,000 could cause the BLUR price to drop by 2%, while a buy order of $394,000 would help BLUR increase by 2%.
How are whales and traders reacting?
It is important to note how whale and professional traders are positioned before the upcoming key openings. For example, popular trader Oilysirs.eth prefers to be on the buyer side lately. In the past months, he bought 100,000 BLUR with 20 ETH ($35,000). The average purchase price was $0.35. As a result of this move, the price of BLUR rose. Oilysirs.eth has earned 455 ETH ($792,000) on its Blur investment in a short period of time.
In addition, Oilysirs.eth purchased 1 million BLUR on February 15 at $0.46. He then sold it for 757 ETH ($1.26 million) at $1.23 on February 16 and 19.
Sellers
On the other hand, on the seller side, the address “0xfcef” drained all BLUR tokens at $0.31 after removing 1.9 million BLUR from liquidity. This process was followed by receiving BLUR from the address “0x8129”. The trader used low prices as an opportunity to buy. This investor has a history of earnings of around $587,000 by selling at high prices.
These transactions made by the investors show that they follow an active and profitable strategy in the crypto money market. cryptocoin.com As we have reported, Dogecoin is waiting for an opportunity to buy the millionaire in Glauber Contessoto.
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