Wednesday, February 28, 2024
Blockchain

$SAND Price May Plunge with 127 Million Transferred from The Sandbox Wallets

On August 4, 2023, Lookonchain, a Twitter account specializing in tracking on-chain cryptocurrency data, announced a substantial transfer involving The Sandbox’s ($SAND) tokens. The tweet stated, “We noticed that 127M $SAND ($51.32M) was transferred from #TheSandbox wallets 6 hrs ago.”

In addition, Lookonchain cited information from Token Unlocks, revealing, “According to @Token_Unlocks, 332.55M $SAND ($134.4M) will be unlocked after 10 days, 16.16% of the circulating supply.”

Earlier, on June 5, The Securities and Exchange Commission (SEC) charged Binance, naming SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as securities in the filing. This announcement led to a significant market reaction, with the $SAND price reaching its peak of 0.6151 on June 5, before plummeting to a low of 0.331 on June 10—a 50% decline within just six days.

On July 14, 2023, Spot On Chain drew attention to a resurgence in $SAND and $MATIC, highlighting that both were “up 10%+ over the past 24 hours after the US judge ruled $XRP is not a security! Amid the pumps, we noticed: The Sandbox may reduce their $SAND position soon. KOL @degentradingLSD took profit from a $MATIC deal he accumulated before the pump.” The $SAND price reached 0.4862 that day, marking the highest level in recent days. However, since then, the price has been on a continuous downward trend.

At the time of writing, the $SAND price stands at approximately 0.4, reflecting a 20% decrease from the recent high. The latest transfer of 127 million $SAND is significant and may exert considerable pressure on the $SAND price, adding further complexity to the market dynamics surrounding this cryptocurrency.

Image source: Shutterstock

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