Paying 4 mana for two 1/1s with hexproof is below the bar, so to make this good you need to care about the fact that they are Merfolk and have use for the activated ability. My guess is that more than half of Merfolk decks fit that description, making this a solid card. The unblockable ability does hand you a good late-game plan, and getting some Merfolk to block with and amp up your tribal synergies is a decent package, all told.
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