SNEAK PEEK
- 80.52 million $SAND transferred mainly to Binance, linked to Sandbox, Genesis addresses.
- The Sandbox will unlock 332.55 million SAND on August 14.
- Play-to-Earn tokens’ volumes decreased by 98%, potentially heightened volatility for $SAND.
In remarkable on-chain activity, a whopping 80.52 million SAND, valued at around $32.44 million, was recently transferred to CEXs. Significantly, the majority of this transfer, 70 million SAND, found its way to Binance. Moreover, OKX and Gemini weren’t left out either, receiving 10 million and 529,000 SAND, respectively.
6 小时前,0x73b 地址将 8052 万 $SAND($32.44M) 转入 CEX:
• 7000 万 SAND → Binance
• 1000 万 SAND → OKX
• 52.9 万 SAND → Gemini0x73b 地址的 SAND 全部来源于 The Sandbox: Genesis 地址的解锁分配,最近一次是在 7 天前从 Genesis 接收到 6000 万 SAND。
推文由 @LionDEX_CN 赞助 pic.twitter.com/nchaUwgZSz
— 余烬 (@EmberCN) August 11, 2023
According to reports, the address behind this massive movement, 0x73b, is closely linked to The Sandbox: Genesis address. Interestingly, this address had only received 60 million SAND from Genesis a week prior. Consequently, analysts are keeping a keen eye on the next moves from this address, especially with the impending unlock event.
Per the sources, on August 14, The Sandbox plans to unlock an immense 332.55 million SAND. This will account for 16.16% of the entire SAND supply. Historically, the aftermath of such events can be turbulent. For instance, in the second trimester of this year, an 18.10% SAND supply unlock resulted in a sharp price drop.
Significantly, the current market scenario may not offer much solace. According to a report from Kaiko, Play-to-Earn (P2E) tokens’ trading volumes plummeted by 98% in the last two months. This is in stark contrast to the peak levels of November 2021. Consequently, SAND might face intensified selling pressure with the forthcoming unlock event.
With the substantial SAND movement and the looming massive unlock, the market is set for some action. However, considering the dwindling trading volumes and past trends, one can anticipate heightened volatility. Traders and enthusiasts must gear up and proceed with caution.
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- Source: https://investorbites.com/massive-80-52-million-sand-tokens-worth-32-44m-shift-to-centralized-exchanges/
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