Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- The Sandbox (SAND) intends to unlock 16.16% of its overall circulating supply.
- The daily trading volume of SAND saw an increase of 14.98%.
The Sandbox (SAND), a metaverse company operating on blockchain technology, is preparing for a notable action in the cryptocurrency market. The team is set to unlock SAND tokens valued at $134.4 million this month. In advance of this unlock, SAND executed a substantial transfer of 127 million tokens.
We observed that 127M $SAND ($51.32M) was transferred from #TheSandbox wallets 6 hours ago.
As per @Token_Unlocks, 332.55M $SAND ($134.4M) will be unlocked in 10 days, representing 16.16% of the circulating supply.https://t.co/3SVyVp8os2 pic.twitter.com/aNyw8tTbbI— Lookonchain (@lookonchain) August 4, 2023
Token Unlocks, a dashboard for token analytics, has disclosed that The Sandbox will unlock 332.55 million SAND tokens worth $134.4 million on August 14. This unlock constitutes 16.16% of its total circulating supply. The entire cryptocurrency market anticipates that the forthcoming unlock will significantly influence the trading price of SAND.
Related Posts
Token unlocking refers to the process of releasing tokens that have been locked. The project will secure the tokens for specific durations, during which they cannot be traded or liquidated. Unlocking the tokens will permit them to re-enter the market.
Sandbox (SAND) Executed a Major Transfer
According to Token Unlocks, The Sandbox previously unlocked 372.57 million tokens valued at $149.99 million on February 14. After a six-month interval, the Sandbox team has arranged its next unlocking event. Currently, 68% of SAND tokens are unlocked, with 949.32 million tokens still pending release.
Additionally, Look on Chain, a blockchain analytics service, reported that 127 million SAND tokens worth $51.32 million were transferred from The Sandbox wallet. With the unlock event approaching, this transaction from The Sandbox team has sparked inquiries within the cryptocurrency market.
At the time of this report, the trading price of The Sandbox stands at $0.4015, reflecting a decrease of over 2.67% in the past 24 hours. The daily trading volume of SAND has increased by 14.98%, according to CoinMarketCap.
