Recently, there was a significant unlocking of BLUR tokens, with over 49 million units, valued at approximately $23.2 million, released into the market. This process adds to a series of previous unlocks, totaling the transfer of 485 million tokens, equivalent to about $226 million, to Coinbase Prime.
Despite the considerable number of unlocked tokens, it is important to note that the circulating supply still remains significantly below the total supply, which amounts to 3 billion tokens, according to the latest information from CoinMarketCap.
A detailed analysis of the exchange flow reveals a notable increase in activity after these recent unlocks. The inflow of tokens into exchanges reached a significant volume, surpassing 54 million BLUR, marking a record for this month. This phenomenon indicates a potential selling trend by token holders.
On the other hand, the outflow from exchanges also experienced a substantial increase, with almost 45 million BLUR tokens being withdrawn. This behavior suggests growth in accumulation as traders withdraw their assets from exchanges.
Impact of BLUR Movements and Market Evolution
In terms of BLUR token performance in the market, it experienced a notable increase of 9.61%, reaching around $0.5332 compared to the $0.4752 recorded yesterday. Its market capitalization grew by 10.44%, exceeding $623 million, while its 24-hour trading volume exponentially increased, surpassing 125% and reaching $421 million. This increase in the token’s value contributed to a positive movement in the Relative Strength Index (RSI) line, which is currently slightly above the 50 level. This RSI position indicates a weak but discernible bullish trend.
The unlocking of BLUR tokens generated a positive impact on the market, reflected in the increase in its value and the dynamics of the exchange flow. Despite the considerable number of tokens released, the circulating supply still remains below the total supply, suggesting possible short-term market stability. We will see how the token’s evolution continues and at what level it finds its peak.