Blur (BLUR) is facing significant challenges in the cryptocurrency market, with its recent struggles reflected in a 31.67% decrease in market cap over the past week and a further 6% decrease today.

These declines underscore the difficulties the project is currently encountering.

Recently, Blur unlocked 38.42 million BLUR tokens, valued at $15.28 million, from its lockup contract. 

This move was followed by a test transaction to Coinbase in preparation for the upcoming distribution. Since June 15, 2023, a total of 655 million BLUR tokens, representing 21.8% of the total supply, have been unlocked.

34.42M $BLUR ($15.29M) was unlocked from the lockup contract 2hrs ago and will soon be moved to #Coinbase for distribution.

In total, 655M $BLUR (now $259M), or 21.8% of the total supply, have been unlocked since Jun 2023.

The $BLUR price has dropped ~41% since the last unlock… https://t.co/yOrJaOFCus pic.twitter.com/JVd7IVd8he

— Spot On Chain (@spotonchain) April 16, 2024

Despite the unlocking of these tokens, the lockup contract still retains 799.75 million BLUR tokens, valued at $318.13 million. The ongoing unlocking of tokens has contributed to market uncertainties, impacting Blur’s price performance.

The price of BLUR has experienced a significant decline, dropping by approximately 41% since the last token unlock. This decline can be attributed to the broader bearish sentiment prevailing in the cryptocurrency market. 

Interestingly, previous token unlocks have often led to bullish pumps in Blur’s price, but this trend has not been observed in the current market conditions.

As Blur continues to grapple with challenges, investors and market observers are closely monitoring its performance. The unlocking of additional tokens and its impact on price dynamics remain key areas of interest. 

Despite the current difficulties, stakeholders are hopeful that Blur will navigate through these challenges and regain stability in the future.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: armmypicca/123RF // Image Effects by Colorcinch

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