Upcoming Token Release for The Sandbox Set for Valentine’s Day 2024, Releasing 200 Million SAND Tokens
Scheduled for February 14, 2024, the forthcoming wave of token unlocks by The Sandbox will see over 200 million SAND tokens liberated from their frozen state. This allocation encompasses the team, company reserves, and advisory roles.
The Metaverse platform, The Sandbox, has successfully opened access to a cumulative sum of 332 million SAND tokens, each valued at $0.39. This milestone represents approximately 16% of the total circulating supply of this digital asset. With the tokens’ release, the overall value of this unlocked cache reaches an impressive $133 million, calculated at the time of their unfreezing.
Effectively executed on August 14, the previously orchestrated token unlock event witnessed the distribution of over 300 million tokens. Notably outlined by Token Unlocks, this strategic maneuver allocated 71 million tokens to the team, 37.5 million to advisors, 96.8 million to the company’s reserve, 24 million to strategic sale buyers, and nearly 103 million tokens to seed sale participants. Each of these recipients gained the liberty to engage in open market trading with their acquired tokens.
Historically observed as a potential harbinger of bearish trends in digital asset prices, token unlocks instigate liquidity influx into the market, impacting the asset’s value. Demonstrating this, the SAND token exhibited a bearish trajectory for 30 days prior to its recent unlock. Initially hovering at around $0.45 on July 15, the price later settled at $0.39 during the current reporting period. Presently, SAND’s 24-hour trade volume stands at $106 million, as reported by the cryptocurrency data platform CoinGecko.
In anticipation of the next token unlock phase scheduled for February 14, 2024, approximately 205 million SAND tokens are poised for unfreezing, with their intended allocation designated for the team, company reserves, and advisors.
Concurrently, The Sandbox has remained dedicated to enlisting a diverse array of participants into its metaverse. Evidencing this commitment, the company established a collaboration with the British Museum on July 28. The mutual initiative seeks to enhance accessibility to the museum’s historical treasures, enabling The Sandbox players to immerse themselves in an educational journey exploring history, art, and culture.