Journalist
Posted:
- Over 49 million Blur tokens were recently unlocked.
- It reacted by adding over 7% in value.
The unlock of Blur tokens has continued, with the latest unlock seeing more of the token being moved to an exchange. In response to this recent development, how has the token performed, and which direction has seen greater dominance in exchange flow over the past few days?
More Blur tokens get unlocked
Based on information from Etherscan, around 49.8 million Blur tokens valued at around $23.2 million were recently unlocked. These unlocked tokens were initially transferred from a multi-signature address and subsequently moved to Coinbase Prime.
Since the unlocking process began, 485 million tokens, worth about $226 million, have been unlocked and transferred to Coinbase Prime.
Additionally, data from CoinMarketCap showed that the current circulating supply was over 1.1 billion, while the total supply was 3 billion as of the latest update.
This suggested that the circulating supply remained significantly below the total supply despite the volume of tokens unlocked thus far.
Tracking the Blur exchange flow
The exchange flow chart examination showed a noticeable impact resulting from the recent token unlock. The charts showed a significant increase in activity after the recent unlocks.
As of this writing, the inflow chart showed that over 54 million Blur tokens have entered exchanges. Notably, this marked the first time this month that the inflow reached such a volume. This signifies an inflow of tokens for sale.
Source: Santiment
Conversely, the exchange outflow chart showed that nearly 45 million tokens have gone out of various exchanges. Similar to the inflow, this represented the first time such a high volume was seen in the month.
This suggested increased token withdrawal by traders and indicated a rise in accumulation. The current exchange flow analysis suggests a balanced movement of tokens on and off exchanges. It showed a lack of imminent sell-offs and a stable post-unlock scenario.
Source: Santiment
How much are 1,10,100 BLURs worth today
How BLUR has trended
Following the token unlocks, the price movement has demonstrated a positive trend, as shown by the daily timeframe chart. The chart showed a notable increase of over 7% in value as of the current data.
Blur was trading at around $0.48, reflecting a gain of 7.5%. Additionally, the recent price surge has contributed to an upward movement in its Relative Strength Index (RSI) line. As of this writing, the RSI line was slightly above the 50 mark, signaling a weak but discernible bullish trend.
Source: TradingView