Blockchain monitoring platform EmberCN has detected that the Bless project transferred 100 million BLESS tokens, worth approximately $600,000, from the Solana blockchain to the Binance Smart Chain (BSC) and subsequently sold them. So far, 37.84 million BLESS tokens have been sold for 334 BNB, valued at around $210,000.
Previous Large-Scale Sell-Off Triggered 71% Price Drop
This is not the first time Bless has conducted a massive token sale. Earlier, the project sold 300 million BLESS tokens worth a total of $3.83 million. Among them, 200 million tokens were transferred to Bitget for sale, while the remaining 100 million were sold on BSC. The repeated large dumps have resulted in a cumulative price decline of approximately 71% from its peak, severely impacting investor confidence.
Project Background and Fundraising
Bless (BLESS) is a Decentralized Physical Infrastructure Network (DePIN) project that aims to build a decentralized computing network by aggregating the idle computing power of users' devices to support AI and data processing needs. The project has raised approximately $8 million in funding from investors including M31 Capital, NGC Ventures, and MH Ventures.
Despite having a clear business model and institutional backing, the persistent token selling raises concerns about the project's tokenomics and long-term value proposition. As competition in the DePIN sector intensifies, balancing project development with token holder interests remains a critical challenge for the Bless team.
At the time of writing, BLESS tokens are showing a +6.71% intraday gain on some exchanges, but the overall trend remains bearish. BNB and SOL are up 1.81% and 0.98%, respectively. Market observers warn that further selling pressure could emerge if the project continues similar distribution plans.