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Token unlock events can introduce additional selling pressure to the market if demand fails to meet the new influx of available tokens. Data indicates that $125 million worth of tokens from leading gaming and NFT projects The Sandbox (SAND) and ApeCoin (APE) are set to be unlocked.
Preparations for Token Unlock in The Sandbox and ApeCoin
Recent data shows that approximately $100 million worth of 205.59 million SAND tokens are scheduled to be unlocked today at 14:00 TRT, and on February 17th at 06:00 TRT, $23.09 million worth of 15.6 million APE tokens will be unlocked.
Following the unlocking event for SAND, which represents 10% of The Sandbox’s total supply, the circulating supply is expected to increase to about 90%. SAND, used for activities in The Sandbox’s virtual worlds, currently has a market value of $1 billion. The token unlock will release just over 2.5% of ApeCoin’s circulating supply. Approximately 35% of the token’s total supply will remain unlocked, allocated to creator Yuga Labs, ApeCoin DAO, and other network stakeholders.
Token unlocking refers to the release of previously restricted tokens into the market once their vesting periods have ended. These tokens, allocated for early investors, treasuries, and public sale participants, become available for trading, buying, and selling once their locks are lifted.
Current Status of SAND and APE
Ahead of the upcoming token unlock event, SAND’s price has seen a 2.3% decrease in the last 24 hours, trading at $0.4667. Data reveals that the altcoin’s price has risen by 8.49% in the last 7 days, but fell by 7.94% over the past 30 days.
On the other hand, APE’s price has increased by 1.15% to $1.51 ahead of the token unlock event. According to the data, APE’s price has risen by 11.65% in the last 7 days and by 5.31% in the last 30 days.
