Owners of The Sandbox (SAND), a popular metaverse coin, have been very active lately. SAND investors sent a large amount of SAND to Binance, the largest cryptocurrency exchange. Here is detailed information about on-chain data and activated coins…
$56 million worth of metaverse coins sent to Binance
Recently, Binance has seen significant transfers of SAND, The Sandbox’s cryptocurrency. A total of 78 million SANDs worth approximately $56 million were transferred to the exchange by three addresses. Almost these 78 million coins represent 2.6 percent of the total supply. Besides, another investor transferred 2 million SAND worth $1.5 million to Binance just a few hours later.
cryptocoin.com As we reported, The Sandbox is a platform that combines the capabilities of decentralized autonomous organizations (DAOs) and NFTs to offer users the ability to create, create, buy and sell crypto assets in the form of games. With The Sandbox, users can unleash their imaginations and bring their digital creations to life. Thus, it can become an integral part of a blockchain-powered gaming community.
SAND price drops
Despite its massive transfer to Binance, SAND did not see much volatility at first. However, in the last 24 hours, the coin has lost 6.87 percent of its value. SAND started its decline especially around 16 pm Turkey time. Overall, though, SAND’s move on Binance can be seen as a positive sign for the cryptocurrency as it highlights the growing demand and interest from investors.
The transfer of SAND to Binance has also raised concerns among some investors as it could signal a potential increase in selling pressure. Some big investors may be looking to profit from their holdings after SAND’s impressive price performance in recent weeks. Currently, the value of SAND is around $ 0.73 and, as we mentioned above, it has dropped by 6 percent. However, the coin has recorded a 72 percent rise in the last 30 days. Because the coin entered the year 2023 at around $ 0.4.
The last point to be mentioned is that SAND will perform a token unlock in the coming weeks. The SAND token experienced a price increase prior to the token unlock scheduled for February 14. Token unlocks, which are generally considered bearish, appear to have little impact on the price of the SAND token. According to a report from Kaiko Research, approximately $273 million worth of SAND equivalent tokens will be unlocked, according to Token Unlock.
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