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Recent data shows about Sandbox on-chain metrics, 4.62% weekly decline in Sandbox’s price, now at $0.4330 on Wednesday. Additionally, an upcoming unlock of 205.59 million SAND tokens worth $88.31 million is scheduled for February 14th. Considering past trends, a 20% drop post-token unlock is anticipated, highlighting the importance of monitoring Sandbox On-Chain Metrics.
- Sandbox price noted a 4.62% weekly decline in its price, SAND price is $0.4330 on Wednesday.
- Sandbox has scheduled an unlock of 205.59 million SAND tokens worth $88.31 million on February 14.
- SAND price dropped by 20% in the week following its previous token unlock event, a similar occurrence is likely this month.
On February 14, Sandbox has set aside $88.31 million for an unlock. The coin is presently declining, and given that SAND’s circulating quantity is expected to increase by 205.59 million tokens, a further decrease is probably in store.
On-chain indicators support a negative thesis for SAND, and more correction in the metaverse currency is probably in store.
Sandbox on-chain metrics scheduled events suggest .
The metrics Sandbox’s Active Addresses and Volume indicate a correction in SAND. These metrics assess user activity and market player demand for the token. The Sentiment figure below shows the declining trend in SAND’s Active Addresses and Volume since January 1.
This suggests that user engagement in Sandbox has decreased dramatically within the same period.
SAND Active Addresses and Volume. Source: Sentiment
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Moving on to Sandbox’s Supply on Exchanges, this indicator had increased from 380.3 million on February 1 to 466.05 million on Wednesday. Due to the sharp rise in SAND reserves in exchange wallets, a sizable number of Sandbox tokens will probably be traded. SAND may see more selling pressure, which might drop the metaverse’s price.
Sandbox Supply on Exchanges and Price. Source: Sentiment
Data from the token unlocks app indicates that the $88.31 million in SAND tokens are expected to be unlocked on February 14. A comparable incident in August 2023, when the asset valued at $130.26 million was freed, resulted in an almost 20% decline in price. If the pattern continues, the SAND price may drop by nearly 20% within a week.
SAND/USDT 1-day chart
The price of SAND on Binance is $0.4320 as of the time of writing.
Conclusion
The multi-faceted play around the SAND token and The Sandbox’s broader project poses an intriguing scenario for cryptocurrency enthusiasts and digital asset traders. As the community braces for the upcoming events and their implications on The Sandbox’s price and market dynamics, one thing is clear – strategic foresight and patience are virtues in the crypto verse. The aftermath of the token unlock will undoubtedly hold valuable insights for the trajectory of The Sandbox and the digital asset ecosystem at large. As always, the ever-evolving narrative of blockchain and cryptocurrency continues to offer thrills and opportunities for those willing to navigate its seas with savvy and vigilance.
