The Sandbox, a gaming-inspired blockchain platform that enables creation and trading of virtual goods, is making headlines as significant amounts of its native cryptocurrency, SAND, are being moved to exchange Binance. Monitoring firm Spot On Chain has flagged a transfer of nearly 93 million SAND from wallets associated with The Sandbox to Binance, suggesting a potential increase in market activity.
Significant Token Movement Detected
Spot On Chain has detected a substantial movement of 92.94 million SAND tokens, approximated to be $41.21 million, from four wallets linked to The Sandbox directly to Binance’s platform. This transfer is part of a larger trend where these wallets have been receiving SAND from The Sandbox’s secure multi-signature wallets over the past six weeks. Reports confirm that these addresses have already transferred 93.14 million SAND to Binance, and sold 1.3 million of those for about $566,000 in USD Coin (USDC) just two days prior to the report.
Upcoming Token Unlocks and Price Dynamics
In the near future, on February 14, 2024, The Sandbox is set to unlock another batch of SAND tokens, amounting to 205.59 million tokens valued at $90.2 million, which could significantly impact the altcoin’s liquidity and valuation. Presently, SAND is valued at $0.4407, which is a slight decline from its recent high of $0.4483, and has seen a market capitalization of around $986.26 million.
The price of SAND has shown a downward trajectory, decreasing by approximately 2% over the past week and a steep 26.10% over the last month. This trend points to a bearish phase for the SAND token as the year progresses.