Journalist
Posted:
- More than 49 million Blur tokens have recently been unlocked.
- It responded by adding more than 7% in value.
Unlocking of Blur tokens has continued, with the latest unlock moving more of the token into an exchange. How has the token performed in response to this recent development, and which direction has seen greater dominance in the exchange flow in recent days?
More Blur tokens will be unlocked
Based on information from Etherscan, approximately 49.8 million Blur tokens worth approximately $23.2 million were recently unlocked. These unlocked tokens were initially transferred from a multi-signature address and then moved to Coinbase Prime.
Since the unlocking process began, 485 million tokens, worth approximately $226 million, have been unlocked and transferred to Coinbase Prime.
In addition, data from CoinMarketCap showed that the current circulating supply was over 1.1 billion, while the total supply was 3 billion according to the last update.
This suggested that the circulating supply remained significantly below the total supply, despite the number of tokens unlocked so far.
Tracking the Blur exchange flow
The exchange flowchart research showed a noticeable impact due to the recent token unlocking. The graphs showed a significant increase in activity following the recent unlocks.
At the time of writing, the inflow chart showed that more than 54 million Blur tokens have landed on the exchange. Notably, this was the first time this month that inflows reached such volume. This means an influx of tokens available for purchase.
Source: Santiment
Conversely, the exchange’s outflow chart showed that almost 45 million tokens have disappeared from various exchanges. As with the inflow, this was the first time in the month that such a high volume was observed.
This suggested increased token uptake by traders and indicated an increase in accumulation. The current analysis of exchange flows suggests a balanced movement of tokens on and off exchanges. It showed a lack of impending sell-off and a stable post-unlock scenario.
Source: Santiment
How much are 1,10,100 BLURs worth today?
How BLUR is trending
After the unlocking of the token, the price movement has shown a positive trend as shown by the daily timeframe chart. The graph showed a remarkable increase in value of over 7% based on current data.
Blur was trading around $0.48, reflecting a gain of 7.5%. Furthermore, the recent price increase has contributed to an upward move in the Relative Strength Index (RSI) line. At the time of writing, the RSI line was slightly above 50, indicating a weak but observable bullish trend.
Source: TradingView