On June 14, the NFT marketplace Blur will unlock almost 196 million BLUR tokens worth ~$62 million. The volume is 6.5% of the total supply and 40% of the current market supply of the asset.
Of the total amount of unfreezed tokens, 115.6 million belong to key developers, 75.4 million to investors, and 4.9 million BLUR are distributed among project advisors.
In March 2022, the marketplace raised $11 million in seed funding in a funding round led by Paradigm. In February 2023, the marketplace raised an additional $15 million to $30 million at a $1 billion valuation.
In the same month, the platform held a BLUR airdrop.
Lookonchain analysts drew attention to the activity of large token holders on the eve of unlocking. Some of the whales have previously earned significant amounts from the BLUR trade.
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Whale “0x06cD” has withdrawn a total of 10.5M $BLUR ($3.36M) from OKX since April 4th, and the last withdrawal was 2 days ago.
Whale “0x06cD” currently holds 13.5M $BLUR($4.3M), and is the 8th holder of $BLUR.https://t.co/qDY74wUGYI pic.twitter.com/79MHaG7ZK7
— lookonchain (@lookonchain) June 13, 2023
However, some owners of the asset preferred to get rid of it at a loss, experts noted. One of the wallets sold 101,796 BLUR for $32,500, losing ~68% of the purchase amount. Another liquidated 194,040 BLUR for a ~51% loss.
Probably worried about the upcoming 196M $BLUR ($62.3M) unlock, two guys sold all $BLUR at a loss today.
0x705d sold 101,796 $BLUR($32.5K) at a loss of $68K(-68%).
0x568e sold 194,040 $BLUR($61K) at a loss of $62K(-51%) again, and lost ~$111.5K on $BLUR total. pic.twitter.com/OSyMiyUmbn
— lookonchain (@lookonchain) June 14, 2023
The price of the token has decreased by ~30% over the past seven days (CoinGecko). BLUR is trading at around $0.31 near its all-time low of $0.295 on June 12. The quote is ~94% below the $5.02 high reached on the Feb 14 airdrop day.
Recall that at the end of February, Blur surpassed the long-term leader of the OpenSea segment in terms of trading volume.
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