Blockchain-based virtual world The Sandbox (SAND), which allows users to create, build, buy, and sell digital assets in a game-like environment, is triggering alarms with its on-chain data. According to data compiled by Spot On Chain, 92.94 million SAND tokens were recently transferred from four wallet addresses linked to The Sandbox to the cryptocurrency exchange Binance.
92.94 Million SAND Tokens Moved to Binance
On-chain data platform Spot On Chain reported that 92.94 million SAND tokens, valued at $41.21 million, were moved from four wallet addresses associated with The Sandbox platform to the crypto exchange Binance.
The data platform indicated that these wallet addresses received the tokens from The Sandbox’s multi-signature wallet addresses as part of a token unlock over the past one and a half months. So far, 93.14 million SAND tokens worth $41.3 million have been deposited from these wallet addresses to Binance. Moreover, the data points to these wallet addresses having sold 1.3 million SAND tokens for 566 thousand USD Coin (USDC) just two days ago.
At this point, there will be a substantial token unlock for The Sandbox’s SAND on February 14, 2024. Accordingly, on that date, 205.59 million SAND tokens worth $90.2 million will be unlocked and introduced into circulation.
Current Price Situation of SAND
With the latest data, SAND is trading at $0.4407, down 0.39% in the last 24 hours, with a market value of $986.26 million. It’s worth noting that the altcoin’s price peaked at $0.4483 during this time frame.
Data shows that SAND’s price has dropped by 1.99% in the last 7 days and by 26.10% in the last 30 days. This indicates that the leading altcoin’s price has been on a downward trend since the start of the new year.
