According to on-chain analytics platform Lookonchain, 49.46 million BLUR tokens worth approximately $32.55 million were unlocked two hours ago. This marked the eighth such scheduled monthly unlock event for Blur since June 2022.
To date, approximately 534 million BLUR from the original 4 billion total supply have been unlocked, representing over $355 million worth of tokens.
Unlock Event Price Impact
Notably, Lookonchain points out that following 5 of the 7 previous scheduled unlocks, BLUR’s price proceeded to increase afterwards. As predicted, the price of BLUR spiked from a 24-hour low of $0.577 to a high of $0.6894. BLUR is up by 16.6% in the last 24 hours.
This indicates the consistent liquidity injection has generally aligned with bullish rather than bearish performance historically. Traders may accordingly expect further upside momentum.
Supporting this historical precedent, BLUR has already gained strong momentum over the past month amidst the broader crypto market recovery. The price currently trades up 55% over the past 30 days.
With fundamentals remaining strong around Blur’s unique cryptographically secured NFT and metaverse platform, periodic episodes of significant liquidity entering the market appear favorable for price action based on historical patterns.
Source: CoinStats – Start using it today
BLUR unlock events have shown more evidence supporting than disproving the longer-term bull thesis so far. With a substantial upward trajectory already in 2024, Blur seems primed to continue claiming market share in the exploding Web3 space as additional token supply enters circulation according to schedule.
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