Cryptocurrency analysis platform Spot on Chain analysts reported in their statement that there was a large amount of lock opening in an altcoin.
According to Onchain data, 37.5 million BLUR tokens worth $11.6 million were unlocked and these tokens were immediately sent to Coinbase Prime.
The decline in BLUR price after the lock openings attracted attention. The price of the altcoin, which has a market value of $ 519 million, decreased by 2.92% in the last 24 hours.
BLUR, one of the tokens in the Ethereum ecosystem, is known as one of the most popular platforms in the NFT world. It is noteworthy that its more popular counterpart, OpenSea, has not yet released any tokens.
BLUR altcoin developers have unlocked 728 million tokens worth approximately $272 million in the last year. Almost all of these were immediately transferred to Coinbase Prime, presumably for sale.
Currently, developers continue to hold $226 million worth of BLUR tokens, which will be unlocked in the coming months.
*This is not investment advice.