3 Percent Of This Altcoin Supply Transferred To Binance! Is Movement Coming?

Recently, Binance witnessed a significant transfer of The Sandbox (SAND) coins.

Almost 3% of SAND Supply Transferred to Binance

A total of 78 million SANDs, worth approximately $56 million, were traded by three addresses representing 2.6% of the total supply. In addition, another investor sent 2 million SAND worth $1.5 million to Binance a few hours later.

3 addresses of The Sandbox transferred a total of 78M $SAND ($56M) to #Binance 11 hrs ago, which accounts for 2.6% of the total supply.

Subsequently, an $SAND investor who often transfers $SAND to #Binance at high prices transferred 2M $SAND ($1.5M) to #Binance again 3 hrs ago. pic.twitter.com/6d2g1RZmqg

— Lookonchain (@lookonchain) February 5, 2023

The Sandbox is a platform that combines the advantages of decentralized autonomous organizations (DAOs) and immutable tokens (NFTs) to offer users the ability to create, build, buy and sell digital assets in the form of games.

With The Sandbox, users can unleash their imaginations and bring their digital creations to life, becoming an integral part of a blockchain-powered gaming community.

Despite the large amount of SAND being transferred to Binance, the coin has not experienced a huge surge.

In fact, SAND has lost only 0.6% of its value in the last 24 hours, which is a sign of high liquidity in the market. Overall, SAND’s move on Binance could be a positive sign for the cryptocurrency as it highlights the growing demand and interest from investors.

However, some big investors may be looking to profit from their holdings after SAND’s impressive price performance in recent weeks.

This significant transfer of SAND to Binance has raised concerns among investors as it could signal a potential increase in selling pressure.

At the time of this writing SAND price is $0.7686 traded at levels.

*Not investment advice.