• 16 July, 2024
News

BLUR’s Unlock Looms: BIT, LOOKS, APE, and IMX Tokens Set to Enter Market

Lookonchain, a crypto analytics platform, has reported that a significant number of tokens would be unlocked this week. Specifically, 187.5 million BIT tokens valued at $80.6 million, 37.5 million LOOKS tokens valued at $2 million, 15.6 million APE tokens valued at $35.6 million, and 18 million IMX tokens valued at $11.4 million would be unlocked. This unlocking event would introduce substantial tokens into the market, potentially impacting the respective projects and market dynamics associated with these cryptocurrencies.

Lookonchain shared a tweet asserting that there would be token unlocks for various cryptocurrencies this week:

Tomorrow’s highly anticipated event in the world of BLUR cryptocurrency would witness the unlocking of 196 million tokens, valued at $62.3 million. This significant unlock represents approximately 40% of BLUR’s circulating supply and has sparked discussions regarding its potential impact on market sentiment and SmartMoney and whales’ buying or selling behavior.

Token Unlock, on-chain data tracker revealed that the distribution of BLUR tokens during the upcoming unlocking event will be allocated as follows: 115.68 million tokens, equivalent to $36.8 million, will be granted to past and future core contributors; 75.4 million tokens, valued at $24 million, will be designated for investors; and 4.9 million tokens, totaling $1.56 million, will be earmarked for advisors. This distribution strategy ensures that key stakeholders, including core contributors, investors, and advisors, are appropriately recognized and rewarded for their valuable contributions to the BLUR project.

In a noteworthy development last year, BLUR secured a $14 million investment, attracting prominent investors like Paradigm, Punk6529, CozomoMedici, DHOF, Krybharat, Zeneca, and more. Additionally, in February, BLUR successfully concluded a funding round ranging from $15 million to $30 million, valuing the project at an impressive $1 billion.

Token Economics data revealed that the current allocation of BLUR tokens to investors stands at 565,633,826 BLUR ($181 million). Regarding whale activity, the 8th largest BLUR holder, known as “0x06cD,” has withdrawn 10.5 million tokens ($3.36 million) from OKX since April 4th, with the most recent withdrawal occurring just two days ago. Presently, “0x06cD” holds 13.5 million tokens ($4.3 million).

A prominent trader named Oilysirs.eth made a wise investment move by purchasing 100,000 BLUR at $0.35, investing 20 ETH ($35,000). This investment proved highly profitable, as the trader gained 455 ETH ($792,000) due to BLUR’s subsequent price appreciation. Furthermore, oilysirs.eth bought 1 million tokens at $0.46 on February 15th, selling them for 757 ETH ($1.26 million) at a price of $1.23 on both February 16th and 19th.

Bitcoin Skyrockets as US CPI Data Reveals Eased Inflation in May 2023 Read Previous

Bitcoin Skyrockets as US CPI Data Reveals Eased Inflation in May 2023

Uniswap Labs Unveils Vision for Uniswap V4 Iteration: Report Says Read Next

Uniswap Labs Unveils Vision for Uniswap V4 Iteration: Report Says