The Sandbox (SAND) planned to unlock 16.16% of its total circulating supply.
Daily trading volume of SAND experienced a surge of 14.98%.
The Sandbox (SAND), a blockchain-based metaverse firm, is planning to make a significant move in the crypto market. The team is scheduled to make its next unlock of SAND tokens worth $134.4 million this month. On the other hand, SAND made a big move before the next unlock with a 127 million token transfer.
Token Unlocks, the token analytics dashboard, has revealed that The Sandbox will unlock 332.55 million SAND tokens worth $134.4 million on August 14. This unlock is 16.16% of its total circulating supply. The entire crypto market is expecting that the upcoming unlock will have a greater impact on the SAND trading price.
Token unlocking is the process of releasing locked tokens. The project will lock the tokens for several periods of time. During this time, the token will not traded or liquidated. Unlocking the token will allow them to enter the market again.
Sandbox (SAND) Made a Big Transfer
According to Token Unlocks, previously, The Sandbox unlocked 372.57 million tokens worth $149.99 million on February 14. After six months, The Sandbox team has scheduled its next unlock event. As of now, 68% of SAND tokens are unlocked. And there are 949.32 million tokens yet to released.
Adding to this, Look on Chain, a blockchain analytics platform, reported that 127 million SAND tokens worth $51.32 million transferred from The Sandbox wallet. With the unlock event around the corner, the transaction from The Sandbox team has raised questions in the crypto market.
At the time of writing, the trading price of The Sandbox is $0.4015, with a decline of over 2.67% in the last 24 hours. The daily trading volume of SAND experienced a surge of 14.98%, according to CoinMarketCap.