Cryptocurrency researcher Yuzhong Kuangshui summarized an analysis of selling pressure on BLUR, using six indicators to determine the conclusion: Compared with Opensea, BLUR is undervalued, only seed round investors (Blockingradigm) have selling pressure, and the shorts have also taken profits in the SEC case. The large-scale release in the second quarter still has some time to go.
1) Are seed/private sale investors willing to invest? – Yes, there were two investments, one led by Blockingradigm for $11 million and the second was a funding round at a valuation of $1 billion. 2) Does the team have the motivation to sell their unlocked tokens? – Currently, it’s unlikely that the Blur team will sell their own tokens due to having a small team and two funding rounds. 3) Is the financial situation stable? – Despite having a high TVL, Blur has no revenue. The cost can be adjusted through BLUR governance in the future. 4) Does valuation matter? – Compared to Opensea’s FDV/Rev=107, Blur’s FDV/Rev=28x. From the perspective of competitors’ valuations, Blur is undervalued. 5) Price behavior – BLUR experienced a significant drop due to the SEC’s lawsuit against Binance and Coinbase. 6) Blur’s second quarter – The second quarter’s 300 million airdrop is coming soon but the exact date is unknown, possibly in October of this year. Therefore, the author’s conclusion is that Blur is undervalued, only seed round investors (Blockingradigm) have the motivation to sell, and bears have already taken profits from the SEC event. The large release in the second quarter is still some time away.
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