BLAST Price Braces for Impact as 10 Billion Tokens Hit the Market in Latest Unlock

Key Takeaways

• BLAST will unlock over 10 billion tokens today.
• The BLAST price trades at an all-time low.
• Will the unlock add even more downside pressure?

Blast launched in June 2024 during the “point farming meta.” Its launch was highly disappointing , as users were unhappy with the allocation of tokens.

The price action since the launch has also been bearish, with an over 92% price decline leading to a new all-time low on June 22.

Today, 10 million BLAST tokens will be unlocked, adding further selling pressure and possibly triggering another significant price decline.

BLAST Token Unlock

Today, BLAST will unlock 10.50 billion tokens, over a third of the circulating supply.

This is the first token unlock since the Blast Token Generation Event (TGE).

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Over 6 billion tokens will go to core contributors, while another 4 billion will go to investors.

These categories are susceptible to adding selling pressure if the recipients decide to sell.

There will be no other cliff token unlocks in the next two years since the rest of the BLAST supply will be released through a gradual linear vesting schedule.

Nevertheless, token unlocks of such a large percentage of the circulating supply have often caused significant downside pressure.

The BLAST price is already at an all-time low, making it unsuited to absorb the selling pressure.

Bearish BLAST Price

The BLAST technical analysis shows a bearish trend since launch.

BLAST’s decline follows a five-wave downward movement, culminating with a new all-time low of $0.002 on June 22.

The wave count and technical indicators also suggest the BLAST price will drop further.

Instead, the wave count gives a target of $0.00094, a new all-time low price.

The target is found by giving waves one and five the same length.

New All-Time Low

The BLAST price has trended downward since its launch in June, losing over 90% of its value.

Blast will release over 10 billion tokens today, adding even more downside pressure to the already bearish trend.