On June 14, the NFT marketplace Blur will unlock nearly 196 million BLUR tokens worth about $62 million. The volume comprises 6.5% of the total supply and 40% of the asset’s current circulating supply.
Of the total unblocked tokens, 115.6 million belong to core developers, 75.4 million to investors, 4.9 million BLUR are allocated to advisers of the project.
In March 2022, the marketplace secured $11 million in a seed funding round led by Paradigm. In February 2023, the marketplace raised an additional from $15 million to $30 million at a $1 billion valuation.
In the same month, the platform conducted the BLUR airdrop.
Analysts at Lookonchain highlighted the activity of major token holders ahead of the unlock. Some whales had previously earned substantial sums trading BLUR.
5.
Whale \”0x06cD\” has withdrawn a total of 10.5M $BLUR ($3.36M) from OKX since April 4th, and the last withdrawal was 2 days ago.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
The token price over the past seven days has fallen about 30% (CoinGecko). BLUR trades around $0.31 near its all-time low of $0.295, recorded on June 12. The price is roughly 94% below the all-time high of $5.02 reached on the airdrop day February 14.
Earlier in February, Blur surpassed OpenSea, the sector’s long-time trading-volume leader.