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.
Source: Santiment
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.
Source: TradingView
- SAND Drops 10%, Unlocks 372.57 Million Tokens Tomorrow
- Nearly 3% of the total SAND supply has been transferred to Binance
anne
according to Kyptos
