As the native token for the non-fungible token (NFT) exchange BLUR prepares to unlock this week, the token has dropped roughly 4% in the past 24 hours to 31 cents, underperforming the rest of the market. The unlock, which will take place on Wednesday, will release almost 196 million tokens, representing nearly 40% of the currently circulating supply. This $62 million of tokens could push prices down, as economics would suggest, due to the increase in supply. The unlock comes several days after a wide sell-off this past weekend that drove down the price of tokens the U.S. Securities and Exchange Commission labeled as securities, though BLUR was not mentioned. About 83% of all BLUR tokens remain locked.
BLUR’s liquidity stands at roughly $2.39 million in its top five pools on Uniswap V3, while on MEXC, a $473,000 sell order can cause the price of BLUR to drop 2%, while a $394,000 buy order can cause BLUR to jump 2%, according to CoinGecko. BLUR representatives didn’t return a request to comment by press time.