BLUR token sustains price rally despite nearly 50 million unlock
- Blur, an Ethereum based NFT marketplace, unlocked nearly 50 million tokens worth $32.55 million on Tuesday.
- BLUR token unlock occurs once every month, the asset rallied after six out of the previous eight times, including January 16.
- BLUR price rallied over 14% and sustained its gains despite the massive token unlock.
Blur, an NFT marketplace, unlocked 49.46 million BLUR tokens, worth nearly $32.55 million, on January 16. The token periodically unlocks tokens every month, and most previous unlocks were followed by price gains in the NFT marketplace token.
BLUR price rallies despite massive token unlock event
According to data from crypto intelligence tracker Lookonchain, NFT marketplace token BLUR unlocked nearly 50 million tokens on Tuesday, January 16. The unlock is a scheduled event that occurs every month and has taken place a total of eight times. Of these eight unlocks, six turned out to be bullish for the asset and failed to negatively impact BLUR price.
BLUR price rallied in the unlocks between August 28, 2023 and January 16, 2024. The recent unlock event is likely similar since BLUR price rallied over 14% in the past day. The unlock failed to drag BLUR’s price down, despite the typical increase in selling pressure on the asset.
BLUR token unlock and impact on price. Source: Lookonchain’s tweet on X
A total of 534.74 million BLUR tokens worth $355.39 million have been unlocked so far. The unlock events mark a turning point in the asset’s price, as seen in the chart above. The project is unlocking tokens from its vesting contract and the BLUR that enters circulation is sent to contributors, investors and advisors.
Nearly a third of the asset’s supply has been unlocked. BLUR price is $0.7057, on Binance, at the time of writing. BLUR offered over 56% monthly gains to holders, and rallied over 50% in the past week.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
