Cryptocurrency There is very little time left for one of this week’s most followed and largest altcoin unlock events in the market.
Tomorrow at 11:00 Turkish time The Sandbox (SAND) There will be a major unlock event on the altcoin.
Approximately 372 million SAND tokens will be put into use at the event, where 12.41% of the total supply will be released.
Circulating Supply of The Sandbox Altcoin Will Increase 12.41 Percent
According to the SAND price at the time of this writing, this represents the launch of a new altcoin worth $246.77 million. Currently, the total market value of the SAND token stands at $1 billion.
Under normal circumstances, unlocking events were considered a negative development as they would increase the circulating supply for a cryptocurrency, but recently the price of many tokens has had surprises.
Ahead of tomorrow’s unlock event, 44% of the total supply of SAND tokens is currently held in lockdown.
The Sandbox was one of the most important representatives of the Metaverse movement, which was on the rise with Facebook’s rebranding as Meta last year.
However, although the SAND price showed a significant rise last week and went above $ 0.92, it is trading at $ 0.66 at the time of this writing.
According to the official whitepaper, the main purpose of the Sandbox platform is to successfully introduce blockchain technology in mainstream games. The platform focuses on facilitating an innovative “play-to-win” model that allows users to be producers and gamers at the same time.
*Not investment advice.
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