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Metaverse Platform Sandbox Transferred Out 60M SAND

Metaverse platform Sandbox’s SAND token has slid this month ahead of its Monday unlock, set to release more than 16% of the circulating supply. However, 60 million SAND tokens were transferred out of the multisig Sandbox Genesis smart contract one week ago, according to block explorer Etherscan. Token unlocks, typically bearish for the price, inject previously frozen liquidity into the market with scheduled issuances, often to project insiders and investors. According to TokenUnlocks, 50% of the tokens will be allocated to the team and company reserve. SAND’s 24-hour trading volume at press time stands at $74.9 million, per CoinGecko.

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