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During the bull run of 2021, many innovative tokens emerged and dominated the market. Both meme coins and metaverse tokens had taken the market by storm for certain periods. Among them, one had stood out. Sandbox (SAND) had made its mark on the era with pioneering projects and partnerships. It later experienced a sharp decline due to a market pullback. In the coming minutes, it will host a significant development.
Unlocking the Sandbox
Since the last bull run, things have not been going well for Sandbox, with significant drops in value. As of today, SAND is trading at $0.46, but a pivotal moment is expected in the coming minutes.
At 11 AM Turkey time, an unlock event will occur, which is not particularly promising for SAND, currently struggling to recover. A total of 205 million SAND tokens, equivalent to $99 million today, will be unlocked and enter circulation.
The amount of SAND to be released represents 9% of the existing circulating supply, which could have serious effects on its price. Such developments can create an atmosphere of despair among investors who are expecting a rise in the project.
On the other hand, it’s useful to remember that this is not the last unlock for SAND. Before today’s event, over 600 million SAND tokens are still being held under lock.
Sandbox’s Past and Current Status
While the market is looking for the 2021 bull, investors’ minds are still on certain projects. Looking back, SAND started its rise from $0.6 in October 2021 and reached $8.44 by the end of the month, delighting its investors at that time.
After that, SAND experienced sharp declines, hitting bottom levels one after another. Although the price dropped to $0.28 at one point, it is trading at $0.468 at the time of writing.
CYBER Token Unlock Completed
In other news, another unlock event occurred in the past hours. In the CYBER project, tokens worth $7 million, representing 6% of the circulating supply, were unlocked. Contrary to expectations, this did not have a negative impact on the price.
As of writing, CYBER is trading at $8, up nearly 3%. Additionally, the 24-hour trading volume skyrocketed by about 200% following the unlock, surpassing $68 million.
Despite the price stability after CYBER’s unlock, there is no guarantee that the same will happen for SAND, although it may encourage SAND investors.
