The Sandbox Commenced Token Unlock:
• The Sandbox executed a massive unlock rollout, releasing a total of 170 million SAND tokens worth $130 million.
• 78 million SAND tokens, worth $60 million, were directly transferred to the Binance deposit address.
• Market reacted with a 2% price increase in the past 24 hours and trading volume was up by 13%.
The Sandbox Commenced Token Unlock
The Sandbox commenced a token unlock process of 170 million SAND tokens. Out of the total amount released, 78 million SAND tokens worth $60 million were directly transferred to the Binance deposit address. In response to this Unlock event, the market has seen an increase in price and trading volume in the last 24 hours.
Market Reacts to The Unlock Event
At press time, SAND exchanged hands at $0.7688 per data from CoinMarketCap. In the last 24 hours, the price of metaverse-based token rose by 2%. Trading volume was also up by 13% during that period. This rally was attributed to Bitcoin’s 1% jump within the same period as seen on The Sandbox’s 12-hour chart which showed sideways movement in price.
Price Momentum Indicators
Key momentum indicators for SAND remained flat at press time; its Relative Strength Index (RSI) and Money Flow Index (MFI) rested at 56.36 and 54.36 respectively. Additionally, as traders awaited decisive price movement, buyers‘ hold on the market weakened as revealed by Directional Movement Index (DMI) position where Positive Directional Indicator (green) was in a downtrend at 26 and Average Direction Index (yellow), also in a downtrend at 20.7
SAND Profit Calculator
In order to monitor their portfolio performance amidst current market conditions surrounding The Sandbox’s token unlock event, investors can use the new SAND Profit Calculator available online which provides users with real-time analysis of their investments based on current market prices and other relevant data points such as fees charged by exchanges or custodial services providers etcetera.
Conclusion
The unlocking of 170m SAND tokens marks an important milestone for The Sandbox community as it now makes these unlocked tokens accessible for trading purposes on various cryptocurrency exchanges including Binance amongst others through direct transfers from multi-signature addresses held by Genesis holders, Multisig holders and Advisors Vault holders respectively.. With key momentum indicators remaining flat along with weakening buyers‘ hold on the market could signal potential volatility ahead for those investing in or holding onto their positions in this altcoin asset class
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