The cryptocurrency market witnessed significant movements in two major altcoins, The Sandbox’s SAND and Chainlink’s LINK, on February 3. These events point to potential selling pressure and raise questions about future market trends. Here are the details…
SAND team deposited a large amount to Binance
Four addresses associated with The Sandbox deposited a total of 92.94 million SAND (approximately $41.21 million) to Binance eight hours ago. This deposit follows a period of unlocking tokens from The Sandbox’s multisig address. These wallets received these tokens over the past month and a half and deposited a total of 93.14 million SAND (approximately $41.3 million) to Binance. Additionally, 1.3 million SAND was sold for 566,000 USDC two days ago. It is very important to note that on February 14, 2024, Sandbox will unlock another $205 million worth (approximately $90.2 million) of SAND. This leads to more altcoins being deposited into exchanges and potential selling pressure.
There are critical developments for Altcoin LINK
On the other hand, just three hours ago the Chainlink ecosystem was bustling. Because approximately 19 million LINK (approximately 341 million dollars) was opened from the out-of-circulation supply contract. Of the unlocked tokens, 15.95 million LINK (approximately $2.87 million) went to Binance. This indicates potential sales intent. The remaining 3.05 million LINK (approximately $54.3 million) was transferred to the multi-signature address starting with 0xD50f. Since August 2022, Chainlink has unlocked a total of 106 million LINK. Specifically, 88.95 million LINK were sold at an average price of $9.06, generating approximately $8.05 million in revenue. Additionally, 88.95 million LINK was transferred to Binance for a total of $100 million.
Despite these unlocks, a significant amount of LINK remains locked in these contracts, with approximately 412 million LINK (roughly $7.35 billion). These big moves on Binance point to potential selling pressure for both SAND and LINK. Although it is not fully known what the intention behind these movements is, there is a risk of affecting token prices in the short term. The upcoming SAND unlock on February 14 further increases the potential for increased selling pressure. However, it is important to consider the long-term effects as well. Chainlink’s historical unlocks and sales suggest a measured approach to managing token distribution. Additionally, the remaining locked supply offers a source of liquidity in the future.
What is the latest situation in prices?
Following these developments, SAND decreased from $ 0.447 to $ 0.44. So there was no big price change. Likewise, there was a 0.5 percent decrease in LINK. Ultimately, the impact of these events on the market depends on a variety of factors, including overall market sentiment, investor behavior, and future unlock programs. Investors should monitor the situation carefully and conduct their own research before making any investment decisions.
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