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The Blur non-fungible token (NFT) marketplace has gained popularity lately. Meanwhile, the platform unlocked 49.46 million coins, worth approximately $32.55 million, on 16 January. While that meant flooding the network with assets, which triggers negative price actions, BLUR extended its latest run with a 15.55% jump within the previous day.
Blur’s $32.55M token unlock
49.46M $BLUR($32.55M) was unlocked 2 hours ago.
— Lookonchain (@lookonchain) January 16, 2024
Since Jun 15, $BLUR has been unlocked once a month and 8 times in total, unlocking 534.74M $BLUR($355.39M).
In 5 of the previous 7 unlocks the price will increase after unlocking.https://t.co/EnxgaEAqeI pic.twitter.com/jbD8EEL1u7
The NFT platform has unlocked coins eight times (once per month) since 15 June 2023. Further, metrics indicate that Blur will undergo similar events in the future. The total supply stands at 3 trillion BLUR coins, of which only 1.3 trillion are in circulation.
Meanwhile, BLUR has recorded price surges during each unlock event. It gained 15.94% in the past day to hover at $0.6758 (during this publication). The alt surged 45.55% and 52% on the weekly and monthly charts.
Technical indicators show the altcoin might continue with its upside momentum. BLUR maintains its price above the 200EMA on the daily chart. Also, the 7-day timeframe shows the bullish head & shoulder formation. Maintaining this trend amidst optimistic conditions in the broad crypto market might propel BLUR to $0.78 before flying to $1.23.
Releasing more assets to the marketplace increases supply, translating to more selling pressure and declining prices. Further, Blur’s unlock only benefits investors, staff, and future employees – not retail players. Thus, these individuals might sell the tokens, catalyzing significant price declines for BLUR in the long term.
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