blurssdIn the whirlwind of the global crypto market, one significant event looms on the horizon for BLUR, a thriving digital token. A colossal 196 million BLUR, equivalent to approximately $62.3 million, is slated for release tomorrow, accounting for roughly 40% of its circulating supply.
This event carries with it the potential to fundamentally shake up the BLUR market.
The token allocation breakdown
This massive release comprises several categories of token holders, as per data from Token Unlock. A considerable proportion, 115.68 million BLUR worth around $36.8 million, will be made accessible to past and future core contributors.
Investors are set to receive 75.4 million BLUR, approximating to $24 million. The last tranche of 4.9 million BLUR, equivalent to $1.56 million, is earmarked for advisors.
BLUR, having successfully raised $14 million from prominent investors such as Paradigm, Cozomo de’ Medici, Zeneca, and others, also recently wrapped up a new funding round in February.
This round brought in between $15 million and $30 million, bolstering the company’s valuation to a staggering $1 billion. The total tokens reserved for investors sit at a hefty 565,633,826 BLUR, currently worth an impressive $181 million.
The whales’ moves: Buying or selling?
In such an environment, the activities of significant holders – affectionately termed “whales” – have come under intense scrutiny.
One such whale, known as “0x06cD,” has been observed withdrawing a total of 10.5 million BLUR, worth approximately $3.36 million, from the OKX exchange since April 4th.
This whale still holds onto a hefty 13.5 million BLUR, equivalent to $4.3 million, making them the eighth-largest holder of BLUR.
Oilysirs.eth, another prominent trader, recently made a lucrative move by purchasing 100,000 BLUR at $0.35, investing 20 ETH ($35,000). This proved to be a profitable maneuver, as the trader gained 455 ETH ($792,000) following BLUR’s price appreciation.
Oilysirs.eth didn’t stop there, making a further purchase of 1 million tokens at $0.46 on February 15th, which was then sold for 757 ETH ($1.26 million) at a price of $1.23 on February 16th and 19th.
However, it hasn’t been all upward trends for BLUR holders. One address known as “0xfcef” recently removed 1.9 million BLUR from liquidity and sold all the tokens at $0.31, following a receipt of BLUR from SmartMoney address “0x8129.”
The latter address has a reputation for buying at low prices and selling at high prices, having made around 587,000 from such strategies.
The current scenario of 196 million tokens flooding the market stirs a volatile cocktail of anticipation and concern. BLUR’s price has dipped by 0.89% in the past 24 hours, settling at $0.3225.
It’s unclear whether the substantial token unlock will create a bullish surge or bearish downturn in BLUR’s price.
Investors, traders, and spectators alike are eagerly watching the unfolding drama. Whether the event brings triumph or tribulation to the market, tomorrow’s unlocking is destined to be an historic moment for BLUR.
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