$SAND Token Unlock: Potential Dump?

SAND Token Unlock Alert:

As The Sandbox (SAND) prepares for its next major move in the crypto market, investors are closely watching the upcoming unlock of $SAND tokens worth a staggering $134.4 million on August 14. This unlock will release 332.55 million SAND tokens, representing 16.16% of the total circulating supply.

The Sandbox had previously unlocked 372.57 million tokens worth $149.99 million on February 14. The event led to a sell pressure, with 75% of all trades being sell orders as investors rushed to cash out their SAND holdings. As a result, the token's price fell by more than 22% within a month of the unlock.

With the next unlock event just a few days away, investors are cautious about the potential impact on SAND's price. Currently, 68% of SAND tokens have been unlocked, and there are still 949.32 million tokens yet to be released. This significant number of unreleased tokens might increase sell pressure as investors anticipate the unlocking event.

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Sandbox Transfers 127 Million Tokens 

The Sandbox team recently made a substantial transfer of 127 million tokens, raising further questions in the crypto market. While the exact motive behind the transfer remains unclear, it has fueled speculations about the team's intentions and its potential impact on the market. 

Looking back at the aftermath of the previous unlock, the token experienced prolonged sell pressure. As Kaiko Research's Conor Ryder notes, the market is bracing itself for a potential fallout. 

At the time of writing, the trading price of The Sandbox stands at $0.4061, with almost no change in the last 24 hours. However, it's important to note that daily trading volume experienced an increase of 7.44%, as per CoinMarketCap data.