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Here’s how BLUR reacted to the latest monthly unlock

2min Read

The BLUR token dances between unlocks and market dominance. However, a recent dip tests its groove.

Here's how BLUR reacted to the latest monthly unlock

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  • Blur tokens, worth around $15.5 million, have been unlocked.
  • BLUR added over 1% to its value following the unlock.

Blur [BLUR] recently unlocked and transferred some volumes of its token to the Coinbase exchange. This unlock is part of the ongoing monthly release pattern observed over the last few months. This November,46.19 million tokens were unlocked, valued at around $15.49 million.

Also, data from Spot On Chain, analyzed by AMBCrypto, showed that a total of 436.5 million tokens, worth around $123 million, have been unlocked since June. Notably, the October unlock involved 51.22 million tokens.

Looking ahead, there are still over 1 billion tokens, valued at more than $340 million, yet to be unlocked.

How has Blur reacted to these unlocks?

In its analysis of the daily timeframe chart for the BLUR token, AMBCrypto observed positive price uptrends following its last two unlocks. After the September unlock, the token experienced a more than 6% increase in value.

Also, a similar pattern was observed, with an over 4% increase immediately after the October unlock.


Notably, after the October unlock, the price demonstrated a more rapid uptrend. This uptrend was influenced by the broader bullish trend in the overall cryptocurrency market.

BLUR/USD price trend

Source: TradingView

However, the lead-up to the present uptrend has been less impressive. The chart analysis revealed a decline of over 19% in the last four days. At the time of this writing, there was a slight recovery of 1.8%.

Despite the fall in price, the Relative Strength Index line indicated that BLUR remained in a strong bull trend at press time. Given this trend, there is anticipation that the upcoming unlock might trigger another positive price reaction.

How the Blur marketplace has fared

AMBCrypto’s analysis of NFT marketplace data on Dune Analytics highlights Blur’s sustained dominance. Examination of both daily and weekly volume showed a consistent influx of activity on the platform. Also, it surpassed notable competitors like OpenSea.


Read Blur’s [BLUR] PricePrediction 2023-24


In the daily chart, Blur’s daily volume was over 12.8 million, outpacing OpenSea’s 2.8 million, with a combined total volume of 17 million.

Blur daily and weekly volume

Source: Dune Analytics

Turning attention to the weekly volume, its dominance becomes even more apparent. At the time of analysis, the weekly volume for Blur stood at an impressive 152 million. This data underscores its notable performance and market presence within the NFT space.

 


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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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