Token

Million

Spot

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/unlocking-of-31-9-million-worth-of-blur-tokens-surprisingly-boosts-price/" data-wpel-link="internal">Unlocking of $31.9 Million Worth of BLUR Tokens Surprisingly Boosts Price</a><br></p>
<p style="text-align: justify">Token unlock events are known to be extremely important for altcoin projects as they can impact the price. In this regard, the native asset BLUR of the leading altcoin project <a href="https://en.coin-turk.com/azuki-dao-rebrands-as-bean-and-announces-strategic-shift/" data-wpel-link="internal">NFT</a> marketplace Blur underwent its monthly token unlock in January. Despite the significant token unlock, it was observed that the price of BLUR did not fall but instead increased.</p> 
<h2 style="text-align: justify" id="strong-31-9-million-worth-of-blur-tokens-unlocked-strong"><strong>$31.9 Million Worth of BLUR Tokens Unlocked</strong></h2> 
<p style="text-align: justify">On-chain data provider Spot On Chain reported that 49.46 million BLUR tokens worth $31.9 million were unlocked from the locked contract and are now being distributed to the US-based cryptocurrency exchange Coinbase.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-303075" src="https://coin-turk.com/wp-content/uploads/2024/01/Altcoin-BLUR-Token-Kilit-Acilisi.jpeg" alt="" width="1908" height="1142"></p> 
<p style="text-align: justify">Token unlocks are generally known to affect price volatility. The release of a large amount of tokens can affect the supply and demand balance, which can lead to increased volatility in the price.</p> 
<p style="text-align: justify">On the other hand, Spot On Chain added that based on past data, a total of 534.7 million BLUR tokens worth $349 million have been unlocked and released into the market since June 15, 2023.</p> 
<h2 style="text-align: justify" id="strong-blur-s-price-rises-despite-major-token-unlock-strong"><strong>BLUR’s Price Rises Despite Major Token Unlock</strong></h2> 
<p style="text-align: justify">Starting the day with a substantial token unlock, BLUR’s price increased despite expectations that the release could affect the supply and demand balance and potentially cause a price drop. According to CoinMarketCap data, the altcoin was trading at $0.6647, up 16.23% in the last 24 hours at the time this article was prepared. The increase in BLUR’s price despite the large token unlock has caught the attention of the cryptocurrency world. Data shows that the price of the altcoin briefly reached $0.6812.</p> 
<p style="text-align: justify">Token unlocks typically affect price volatility. The release of a large amount of tokens into the market can affect the supply and demand balance, potentially leading to increased volatility in the price. Token unlocks can also be indicative of investor interest in the project. If there is significant demand for the project’s token unlock, it can usually have a positive effect on the community and investor base.</p> 
<p style="text-align: justify">Token unlocks can also affect the stability of the price. The sudden release of a large supply of tokens can cause the price to drop, which can shake investor confidence.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/unlocking-of-31-9-million-worth-of-blur-tokens-surprisingly-boosts-price/" data-wpel-link="internal">Unlocking of $31.9 Million Worth of BLUR Tokens Surprisingly Boosts Price</a></h5>

Unlocking of $31.9 Million Worth of BLUR Tokens Surprisingly Boosts Price

Table of Contents

COINTURK NEWS

Other articles published on Jan 16, 2024

Bitcoin ETF: A Market Catalyst for Financial Revolution

Binance Launches Digital Asset Exchange in Thailand in Collaboration with Gulf Innova

Ethereum’s Price Surge Amid High Transaction Volume and ETF Speculations

How Bitcoin Price Rocket Ride To $50k Could Precede Intense Turbulence And Major Sell-Off

Cardano’s Ecosystem and the Rise of USDM: A Mixed Bag of Developments

Crypto-friendly Vivek Ramaswamy Drops Out Of 2024 US Presidential Race

Join our free newsletter for daily crypto updates!