BLUR Token Unlock: 37.5M BLUR Transferred to Coinbase Prime Amid Market Changes

As tracked by the cryptocurrency analytics platform Spot On Chain, a significant amount of BLUR tokens has been unlocked and swiftly transferred to a major trading platform. On June 16, 2024, 37.5 million BLUR tokens, valued at approximately $11.6 million, were unlocked and transferred to Coinbase Prime, marking another major step in the token’s distribution strategy.

The recent transaction is part of a broader, ongoing monthly unlock activity that began in June 2023, aimed at gradually releasing tokens into the market. This approach helps manage market supply and potentially stabilize the token’s price amid fluctuating market conditions.

Over the past year, 728.296 million BLUR tokens, worth around $272 million, have been unlocked, with the majority being transferred to Coinbase Prime. This consistent flow into Coinbase Prime suggests a strategic collaboration that possibly includes liquidity management or preparing for larger-scale trading activities.

As of now, the lock-up contract still holds approximately 726.7 million BLUR tokens, which are valued at about $226.48 million. These tokens are scheduled to be released in the coming months, continuing the pattern of monthly unlocks. 

However, despite these strategic token releases, BLUR has recently exhibited a downturn in market performance. BLUR token breached its expected price trajectory, hitting a 52-week low of $0.2860. This underperformance reflects a bearish outlook and severe market corrections predicted to potentially drive prices down further.

Amid these unlocks, BLUR has also been making notable strides in the competitive NFT marketplace sector, surpassing giants like OpenSea in trading volume due to its zero-fee model and additional incentives for creators, which have attracted professional NFT traders.

This structured unlock process is closely watched by investors and market analysts, as it provides insights into the token’s market dynamics and potential future behaviors. Regular updates from platforms like Spot On Chain are crucial for stakeholders who rely on timely and accurate data to make informed investment decisions.