Does Blur Price Decline as 49 Million Tokens Unlock?

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The ongoing release of Blur tokens persists, with the most recent unlock witnessing a substantial transfer of the token to a prominent exchange. In light of this recent development, an analysis of the token’s performance and the predominant direction of exchange flow in recent days is warranted.

49.8 million Blur tokens get unlocked

A surge in newly unlocked Blur tokens has transpired, with approximately 49.8 million tokens, equating to a value of approximately $23.2 million, recently becoming accessible. Originating from a multi-signature address, these unlocked tokens were subsequently relocated to Coinbase Prime.

Since the commencement of the unlocking process, a cumulative total of 485 million tokens, with an estimated value of around $226 million, have found their way to Coinbase Prime. This influx is a notable development in the token’s trajectory.

Moreover, insights from CoinMarketCap divulge that the existing circulating supply surpasses 1.1 billion tokens, while the total supply stands at 3 billion as per the latest update. This discrepancy suggests that, despite the considerable volume of unlocked tokens, the circulating supply remains considerably below the overall token availability.

Tracking the Blur exchange flow

A scrutiny of the Blur exchange flow reveals discernible impacts resulting from the recent token unlock. The exchange flow charts illustrate a substantial uptick in activity subsequent to these recent unlocks.

As of the current assessment, the inflow chart demonstrates the entry of more than 54 million Blur tokens into exchanges. Significantly, this marks the first instance this month in which the inflow has reached such a magnitude, indicative of a notable surge in tokens available for sale.

In contrast, the exchange outflow chart has revealed a significant movement, with nearly 45 million Blur tokens exiting various exchanges. This mirrors the inflow trend, marking the first instance of such a substantial outflow volume within the month.

This uptick in token withdrawal implies an elevated interest in accumulation among traders, indicating a surge in confidence. The current analysis of exchange flow suggests a harmonious balance in the movement of tokens to and from exchanges, portraying a lack of imminent sell-offs and a stable post-unlock scenario.

How BLUR has trended

As for the trend in BLUR’s performance subsequent to the token unlocks, the daily timeframe chart reflects a positive trajectory. The data illustrates a noteworthy uptick of over 7% in value at the present moment.

Presently, Blur is trading at approximately $0.48, reflecting a gain of 7.5%. Furthermore, this recent price surge has contributed to an upward shift in its Relative Strength Index (RSI) line. As of the latest assessment, the RSI line hovers slightly above the 50 mark, indicating a subtle yet perceptible bullish trend.