Recent activity has been observed in the leading NFT marketplace Blur (BLUR), where a multi-signature wallet address starting with 0x0a0… transferred millions of BLUR tokens to the cryptocurrency exchange Coinbase. This movement is part of a scheduled token unlock for the month.
According to data from the on-chain data platform Spot On Chain, 49.82 million BLUR tokens were moved to Coinbase, which is equivalent to approximately $23.3 million. This is part of a regular token unlock process from multi-signature wallet addresses starting with 0x0a0…
Since June 15, around 485.3 million BLUR tokens valued at approximately $146 million have been unlocked and entered the market. Interestingly, the price of the altcoin has shown a tendency to rise following past token unlock events. A similar trend is occurring, with the price increasing despite the significant transfer to the exchange.
Current data reveals that the price of BLUR is rising despite the Coinbase transfer. In the last 24 hours, the altcoin’s price has increased by 11.16%, reaching $0.4894. The trading volume has also seen a substantial increase of 31.87%, reaching $194.3 million during the same period.
Looking ahead to February 14, 2024, TokenUnlock’s data indicates that a new phase in the linear token unlock process for BLUR will commence. Over the following 366 days, 2.16 million tokens worth $1.04 million will be unlocked daily and released into the market. The unlocked BLUR tokens will be distributed among four groups: the community treasury, advisors, investors, and contributors to the network’s past and future development.