SAND price has recently attracted attention due to an unusual pattern on the chart.
will $ sand Coin following past trend and plummeting after unlock event? @azcoinnews #TheSandbox https://t.co/0TnFU2fwKR
— Kyptos (@azcoinnews) March 1, 2023
According to a new report from Santiment, a large number of SAND tokens were unlocked on February 4th. This coincided with a local high of $0.936. However, from February 20th to 22nd, more tokens appeared on exchanges, even at low prices. The increase in supply suggests that prices may adjust soon.
This model is not new. The same trend was observed in previous token unlock events from August 2022 to September 2022, when the tokens were unlocked for a month and the price dropped. Current trends follow a similar trajectory.
It’s unclear why more tokens are being pushed onto exchanges, but there are a few potential reasons, one of which is that investors are taking advantage of the recent bull run.
At the time of writing, SAND is currently trading at $0.7 after jumping nearly 5% on the first day of March.
- SAND Drops 10%, Unlocks 372.57 Million Tokens Tomorrow
- Nearly 3% of the total SAND supply has been transferred to Binance
according to Kyptos