The Sandbox Slides 5.9% Ahead of $133 Million Token Unlock
The Sandbox will unlock 332 million SAND tokens, worth $133 million, on Monday, Aug. 14, which represents more than 16% of its circulating supply. Token unlocks are usually bearish as they introduce new liquidity to the market, and SAND ’s token unlock might have already begun having an impact on the asset’s price. The Sandbox is currently down 5.4% in the monthly charts and by 5.9% in the last two weeks. The token has been on a bearish trend since February of this year. Although we did see a bit of a trend reversal in mid-June, the situation reversed once again in July, and the token has been on the downtrend once again. Also Read: Meta’s Metaverse Division Loses $3.7 Billion in Q2 However, this is not the first time SAND has fallen ahead of a token unlock. A similar trend was seen prior to the February token unlock. Moreover, last August’s airdrop led to a 20% price drop in just six days after the unlock. SAND currently faces resistance at about $0.45,...