Caution: BLUR’s 196 Million Token Will Unlock Tomorrow

Key Points:

• Blur, an NFT marketplace, is slated to release around 196 million tokens tomorrow.
• The sum represents a 40% increase in the circulating supply.
• Many in the crypto world have speculated on the possible effect of the unlock on the market.

Tomorrow is a big day for BLUR because 196 million tokens worth over $62 million, or about 40% of its circulation supply, will be unlocked.

According to Token Unlocks, the unlock comprises several allocations, with roughly 115.6 million tokens distributed to previous and future core contributors, 75.4 million tokens allotted to investors, and 4.9 million tokens assigned to advisors. This unlocking event raises concerns about the possible influence on market mood and the purchasing or selling activity of SmartMoney and whales.

Blur concluded a fresh investment round in February, raising $15 million to $30 million at a $1 billion value. The company secured $11 million in seed funding in March 2022 from Paradigm, eGirl Capital, 0xMaki, and LedgerStatus.

Many in the cryptocurrency world have speculated on the possible effect of the unlock on the market, with BLUR down over 5% in the previous 24 hours due to pre-emptive whale action.

According to Token Economics statistics, the total tokens given to investors presently number 565,633,826 BLUR. In terms of whale activity, “0x06cD,” the eighth-largest holder, has withdrawn 10.5 million tokens from OKX since April 4th, with the most recent transaction taking place two days ago. “0x06cD” now has 13.5 million tokens ($4.3 million).

A famous trader, oilysirs.eth, just acquired 100,000 tokens for $0.35, spending 20 ETH. The trader profited from the increase in the price of BLUR by 455 ETH. Moreover, oilysirs.eth purchased 1 million tokens at $0.46 on February 15 and sold them for 757 ETH at $1.23 on February 16 and 19.

Address “0xfcef” delisted 1.9 million tokens and sold all tokens for $0.31. This action was taken in response to the receipt of BLUR from SmartMoney address “0x8129.” SmartMoney “0x8129” has a track record of earning over 587,000 from it by continuously buying cheap and selling high.

The release of 196 million tokens, representing almost 40% of the circulating quantity, creates both excitement and fear in the market. Since SmartMoney and whales continue to maneuver, it is unclear if the unlock event will have a positive or negative impact on the price of BLUR.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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