Four wallets affiliated with The Sandbox Game developers deposited 92.94 million SAND altcoins to Binance, equivalent to $41.21 million. The transaction was made at a price of $0.443 per SAND.
The price of the altcoin is trading at $0.4415 at the time of writing this article.
These wallets have been active for the last 1.5 months, receiving a total of 138 million SAND from the Sandbox team’s multi-sig wallets. So far, they have deposited 93.14 million SAND ($41.3 million) on Binance and two days ago sold 1.3 million SAND for 566,000 USDC at an average price of $0.435.
In addition to these transactions, The Sandbox Game will unlock 205.59 million SAND worth $90.2 million on February 14, 2024. This amount represents 9.19% of the circulating supply and will be allocated to the team, advisors and company reserve according to the token unlock program.
Historical data shows that the SAND price tends to move with the market during token unlock events. It appears to rise in a rising market and fall in stagnant or bearish conditions.
*This is not investment advice.
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