Türkçe
Español
The lockup of more than 16% of The Sandbox‘s SAND token circulating supply, equivalent to over 3332.55 million SAND, is set to be unlocked on August 14th. However, it has recently been revealed that the unlocking process has already started, causing a drop in SAND’s price.
TokenUnlocks Indicates That The Sandbox’s Unlocking Process Has Already Commenced
According to TokenUnlocks data, at 11:00 AM UTC on August 14th, 3332.55 million SAND, which accounts for 16.16% of The Sandbox’s circulating supply, will be unlocked. The price of the altcoin is under selling pressure ahead of the significant unlocking process, as data from Etherscan shows that 60 million SAND tokens were transferred from the multi-signature Sandbox Genesis smart contract a week ago.
This indicates that the unlocking process for SAND has already begun. Uncle Grumpy, a Discord Ambassador for The Sandbox who goes by the pseudonym, confirmed that the unlocking process has already commenced to avoid shocking the system.
Unlocking events for coins/tokens, which typically cause price declines, involve injecting previously frozen liquidity into the market through planned distributions to individuals and investors within the project. With the unlocking process on August 14th, approximately 332.55 million SAND tokens, worth around $133 million, will be injected into the open market.
The Unlocking Process Could Trigger a Major Drop in SAND’s Price
Data provided by TokenUnlocks indicates that 50% of the unlocked SAND tokens will be allocated to the team and company reserves. The Sandbox advisors will receive approximately $15 million worth of SAND, while the remaining tokens will be distributed to strategic and seed sale participants who can choose to sell their allocated tokens.
During the February unlocking event, SAND’s price did not trigger a downward trend as expected; instead, it increased despite the unlocking. However, there is no indication that the same will happen this time, as SAND’s price has lost 4% since August 1st and remained around $0.40 last week. Following the unlocking event in August of last year, SAND’s price dropped by over 20% within the next six days.
Yos