Unlocking events for Blur tokens are ongoing, leading to an increased movement of tokens to exchanges. This article examines the impact of these developments on the token’s price performance. According to data from Etherscan, approximately 49.8 million Blur tokens, valued at around $23.2 million, were recently unlocked. Initially transferred from a multi-signature address, these tokens ended up at Coinbase Prime.
Since the unlocking began, around 485 million tokens worth approximately $226 million have been unlocked and transferred to Coinbase Prime. Current circulating supply exceeds 1.1 billion, as reported by CoinMarketCap, while the total supply is stated to be 3 billion. Despite the volume of unlocked tokens, the circulating supply remains significantly below the total supply.
Exchange flow analysis shows a noticeable effect following the latest token unlock. Charts indicate a significant increase in activity post-unlock. At the time of writing, over 54 million Blur tokens have been moved to exchanges, marking a high volume not previously seen on the charts, suggesting tokens are being moved for sale.
Conversely, there are also outflows from exchanges. Approximately 45 million tokens have been withdrawn from various exchanges, indicating an increase in token withdrawals by traders and accumulation of tokens. The current exchange flow analysis suggests a coordinated movement of tokens within and outside of exchanges.
Following the token unlock, there has been a positive price movement, with a clear increase of over 7% reflected in the daily time frame chart. After a 7.5% increase during this period, the price of Blur rose to $0.48. The latest price surge is also mirrored in the Relative Strength Index (RSI), which is slightly above the neutral 50 level, indicating a weak but noticeable upward trend.