On-chain data shows The Sandbox whales have made large deposits to exchanges as 332 million tokens of the asset have become unlocked.
The Sandbox Exchange Inflow Has Registered A Large Spike Recently
Today was The Sandbox’s token unlock day, meaning that a particular portion of the cryptocurrency’s supply that had been locked until now has just been released into circulation.
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According to TokenUnlocks, about 332.55 million SAND (worth about $131 million) was successfully unlocked with this latest event, representing 16.66% of the total circulating supply before the unlock.
This is a significant amount that can cause visible changes in the market. Due to basic supply-demand principles, the supply suddenly going up by this huge value can create an imbalance if appropriate demand for the coin also doesn’t crop up at the same time.
Thus, it’s…
