Blockchain News

The Sandbox (SAND) Price Slips as $250M Token Unlock Nears

The Sandbox will issue another block of tokens onto the market on February 14th. In addition, 372.5 million SAND tokens will be added to the circulating supply.

This is around 12.4% of the overall supply, thus it is a sizable amount. The token unlock is currently worth roughly $250 million at current pricing.

The current unlocked circulation supply of SAND is 1.7 billion tokens, or around 56% of the entire 3 billion. As a consequence, its market value is $1.18 billion.

The Sandbox vesting plan concludes in February 2025, when the final 3 billion tokens are distributed. This implies there will be four additional unlock events in August, February 2024, August 2024, and February 2025.

A total of 1 billion SAND tokens will be released onto the market over the following two years, not counting today’s unlock. This might have a significant influence on pricing.

The Sandbox tokenomics, like many other crypto initiatives, is extremely team and investor-focused. The team, foundation, and advisors will receive more than 40% of the tokens. Furthermore, more than 20% was spent on seed and strategic sales, and 26% is held in reserve, leaving relatively little for regular investors.

According to the on-chain expert, “the past two SAND unlocks were followed by a reduction in the price of SAND.” It looks like history is repeating itself.

SAND prices are falling during the Tuesday morning Asian trading session, as predicted. At the time of writing, the token’s price has dropped 3.6% from an intraday high of roughly $0.70 to $0.675.

Furthermore, SAND has lost almost 7% in the last week as the market as a whole has declined.

SAND prices may fall to support levels around $0.60 as a result of the token unlock. The Metaverse coin is presently down 92% from its high price of $8.40 in November 2021.

The Sandbox inked a Metaverse partnership agreement with the Saudi Arabia Digital Government Authority (DGA) earlier this month.



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