The digital asset market is bracing for a significant event in the life cycle of the Sandbox (SAND) cryptocurrency, as a substantial number of tokens are set to be released into circulation. SAND, once a star during the 2021 bull market due to its innovative projects and alliances, has seen its value plunge in recent times along with the broader market downturn. However, a critical development awaits, with the imminent release of a large batch of SAND tokens.
Impending Token Influx for Sandbox
Currently valued at $0.46, SAND is on the verge of an unlock event that could further challenge its recovery efforts. At 11 AM Turkey time, the market awaits the release of 205 million tokens, totaling around $99 million. This significant addition represents 9% of the circulating supply and poses potential downward pressure on the token’s price, heightening investor concern.
The unlock might cast a shadow of uncertainty over SAND, especially since further unlocks loom on the horizon, with over 600 million tokens still retained from circulation, awaiting future release dates.
Reflecting on SAND’s Volatile Journey
SAND’s historical performance saw its value soar to $8.44 in late 2021, generating excitement among its holders. However, it has since succumbed to market volatility, with its worth plummeting to significant lows. At the moment, SAND trades marginally above recent rock-bottom prices.
CYBER Token Emerges Unscathed from Unlock Event
In related developments, the CYBER cryptocurrency underwent a similar unlock event, releasing tokens valued at $7 million, or 6% of its circulating supply. Contradicting market trepidations, the unlock did not adversely affect CYBER’s value. Instead, the token’s price has risen, accompanied by a dramatic surge in trading volume, which might offer a glimmer of hope for SAND holders.
While CYBER’s market response post-unlock provides some optimism, it doesn’t assure a parallel outcome for SAND, leaving its investors in a state of anticipation for the token’s market performance following the unlock.