On August 4, 2023, Lookonchain, a Twitter account specializing in monitoring on-chain cryptocurrency information, announced a considerable switch involving The Sandbox’s ($SAND) tokens. The tweet said, “We observed that 127M $SAND ($51.32M) was transferred from #TheSandbox wallets 6 hrs in the past.”
As well as, Lookonchain cited info from Token Unlocks, revealing, “In line with @Token_Unlocks, 332.55M $SAND ($134.4M) might be unlocked after 10 days, 16.16% of the circulating provide.”
Earlier, on June 5, The Securities and Change Fee (SEC) charged Binance, naming SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as securities within the submitting. This announcement led to a big market response, with the $SAND value reaching its peak of 0.6151 on June 5, earlier than plummeting to a low of 0.331 on June 10—a 50% decline inside simply six days.
On July 14, 2023, Spot On Chain drew consideration to a resurgence in $SAND and $MATIC, highlighting that each have been “up 10%+ over the previous 24 hours after the US choose dominated $XRP is just not a safety! Amid the pumps, we observed: The Sandbox could cut back their $SAND place quickly. KOL @degentradingLSD took revenue from a $MATIC deal he collected earlier than the pump.” The $SAND value reached 0.4862 that day, marking the best degree in latest days. Nonetheless, since then, the worth has been on a steady downward pattern.
On the time of writing, the $SAND value stands at roughly 0.4, reflecting a 20% lower from the latest excessive. The most recent switch of 127 million $SAND is important and will exert appreciable strain on the $SAND value, including additional complexity to the market dynamics surrounding this cryptocurrency.
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