Blur

Injective

In January 2024, more than <a href="https://news.todayq.com/2-1-billion-worth-of-tokens-set-to-unlock-in-january-2024/" rel="noopener noreferrer nofollow">$2 billion worth of token unlocks</a> are expected to occur. Today, on January 16, 2024, the Blur NFT marketplace’s native token, BLUR, witnessed a significant unlock of 49.46 million tokens, valued at around $32.55 million. This marks the <a href="https://news.todayq.com/injective-inj-price-might-decline-despite-10-gain-heres-why/" rel="noopener noreferrer nofollow">second token unlock event</a>, with the first being for Injective (INJ), as reported by Todayq News. Historically, token unlock events have been associated with substantial price surges. $32.55 million of BLUR token unlock 
This is not the first time BLUR has been unlocked; since June 15, 2023, Blur started its token unlock event, and since then, it has unlocked over 534.74 million Blur tokens, worth around $355.39 million. However, this is the 8th time Blur is unlocking its tokens.
49.46M
However, if we examine certain statistics such as the maximum, total, and circulating supply of BLUR tokens, you will be amazed. The data reveals that the total supply of BLUR tokens is 3 trillion, with only 1.3 trillion tokens currently in circulation. This suggests that Blur will undergo a similar token unlock in the future.
Apart from the token unlock, it is also evident that during each token unlock event, the BLUR price significantly soars. This time, theBLUR price has surged by 18%. Currently, BLUR is trading near $0.68, and in the last 24 hours, it has experienced over an 18% upside momentum. Meanwhile, if we examine BLUR over a longer period, in the last 7 days, it has witnessed over a 40% upside momentum, and in the last 30 days, it has undergone a price surge of over 50%. Blur’s technical analysis and future projection 
Technical analysis by our experts indicates that BLUR’s token, on a weekly timeframe, forms an inverted head and shoulder price action pattern, considered a bullish sign. Furthermore, the bullish momentum is supported by the 200 Exponential Moving Average (EMA), as BLUR trades above it on the daily timeframe. If this bullish trend continues, along with favorable conditions in the cryptocurrency landscape, we may witness BLUR reaching levels of $0.78 and $1.23 in the future.
This is the 2nd consecutive token unlock we have witnessed, and in both events, we experienced a massive price surge in these tokens. However, the reason behind this price surge is still unknown. During the token unlock, millions of tokens come into circulation, implying more supply than the previous demand.&nbsp;
Yet, this unlock only benefits employees, investors, as well as future employees. This means the token unlock exclusively benefits these individuals, excluding retail investors. In the longer term, if these individuals decide to sell, we may witness a significant dump.
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BLUR price soars 18% despite 49.46 million tokens unlock

Todayq News

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