Analysts at the cryptocurrency analysis platform Spot on Chain reported a significant unlocking of an altcoin.

According to on-chain data, 37.5 million BLUR tokens, worth $11.6 million, were unlocked and promptly transferred to Coinbase Prime.

The price of BLUR saw a decline following the unlocking event, with a decrease of 2.92% in the last 24 hours. The altcoin, which has a market value of $519 million, experienced noticeable price movement after this event.

BLUR, a token within the Ethereum ecosystem, is renowned as one of the most popular platforms in the NFT space. Interestingly, its well-known counterpart, OpenSea, has yet to release any tokens. Over the past year, BLUR altcoin developers have unlocked 728 million tokens valued at approximately $272 million, with almost all of these tokens being transferred to Coinbase Prime, presumably for sale.

As of now, developers still hold $226 million worth of BLUR tokens, which are set to be unlocked in the coming months.#altcoins #TokenUpdate #Cryptocurrencies #AltcoinInvesting #BLUR/USDT