Developers of this Altcoin Unlocked a Huge Amount of Tokens Today: They Immediately Moved It to Coinbase

Developers behind a promising altcoin made a significant move today, unlocking a substantial number of tokens. Market analysts at Spot on Chain confirmed that a whopping 37.5 million BLUR tokens, equivalent to $11.6 million, were freed from their lock and swiftly transferred to Coinbase Prime. The unlocking of these tokens seemed to have an impact on the price of BLUR, which experienced a 2.92% decrease in the last 24 hours. BLUR, a popular Ethereum-based token, has gained recognition for its prominent presence in the NFT market. Despite the unlocking, its rival platform, OpenSea, has yet to make any token releases. This release marks just one among many, as the altcoin developers have previously unlocked 728 million tokens, valued at approximately $272 million. Notably, the vast majority of these unlocked tokens were quickly sent to Coinbase Prime, presumably for sale. With $226 million worth of BLUR tokens still held by the developers, more unlocks are expected in the coming months. As always, it is important to note that this information is not intended as investment advice.