Blur set to increase circulating supply by 40% with $60 million token unlock

Quick Take

  • Approximately 196 million BLUR tokens are set to be unlocked on June 14.
  • This will increase the circulating supply by 40%.

NFT marketplace Blur is set to unlock approximately 196 million BLUR tokens tomorrow — equivalent to around 6.5% of the total supply and an approximate 40% increase in the circulating supply. 

The unlock includes various allocations, with over 115.6 million BLUR tokens allocated to past and future core contributors, 75.4 million tokens allocated to investors and 4.9 million tokens allocated to advisors, according to Token Unlocks

The Block reported in February that Blur closed a new funding round, securing between $15 million to $30 million at a valuation of $1 billion. Blur raised funds in March 2022, with Paradigm, eGirl Capital, 0xMaki and LedgerStatus participating in its $11 million seed round. 

Many within the crypto community have been speculating on the potential impact the unlock may have on the market, with BLUR down 1.4% over the last 24 hours amid pre-emptive whale activity.

BLUR/USD - CoinGecko

BLUR has been trading in a choppy range. Source: CoinGecko

Blur whale positioning

Looking at how whales and “smart money” are positioning for the unlock, "0x06cD" has been actively involved in the BLUR market, according to Lookonchain, having withdrawn a total of 10.5 million BLUR tokens ($3.36 million) from OKX since April 4. They hold 13.5 million BLUR tokens — making them the 8th largest holder.

Recent transactions and trades by other individuals have also drawn attention. Oilysirs.eth purchased 100,000 BLUR tokens for 20 ETH ($35,000) two days ago. This individual had previously made a substantial profit of 455 ETH ($792,000) from BLUR trades.

Meanwhile, address "0xfcef" removed 1.9 million BLUR tokens from liquidity yesterday, selling them at $0.31. The current price of BLUR tokens is $0.32. Notably, this address had received BLUR tokens from address "0x8129," which has a track record of making profits by buying at low prices and selling at higher prices.

Blur isn’t the only project set for unlocks this week. 187.5 million BIT ($80.6M), 37.5 million LOOKS ($2M), 15.6 million APE ($35.6M) and 18 million IMX ($11.4M) are set to release over the next few days.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.