SAND Token Soars Up 20% As Saudi Arabia Announcing Collaboration With The Sandbox

Key Points:

• SAND was hitting a peak at about $0.940, up 22.8% following the collaboration between Saudi Arabia and The Sandbox.
• With 12% of the supply due to be unleashed on February 14, selling pressure could outnumber the recent increase.

The Sandbox token price has risen further as the metaverse game platform reported talks on a partnership with Saudi Arabia.

According to TradingView statistics, SAND was hitting a peak at about $0.942, up 22.8%. Following the announcement of a memorandum of understanding, the token began to rise. At the time of writing, the token is trading at 0.8161, down 10% over the last 24 hours.

Metaverse tokens witnessed a surprising bull run in January. SAND reached a high of $0.94 in January, up from $0.38 at the start of the year.

With 12% of the supply due to be unleashed on February 14, selling pressure could outnumber the recent increase. Approximately half of the unlock is reserved for investors and advisors. According to Kaiko Research Analyst Conor Ryder, the last unlock in August could be a good indication.

In August, we saw these investors sell en masse as soon as they had the chance, creating huge sell pressure for SAND, which underperformed ETH by 20% that month. Again, we look at the SAND-USDT pair on Binance, which is the highest volume market.

As we can see, the day after the unlock, August 14th, nearly 75% of all significant trades were sell orders as investors looked to cash out of SAND. That sell pressure continued in the days after the unlock as sell orders dominated buys. The allocation of unlocks is skewed towards investors and the token performance has suffered during unlocks as a result.

Sebastien Borget, co-founder and COO of Sandbox, revealed the news on Twitter today, saying they look forward to exploring, advising, and supporting mutually each other in activations of the Metaverse.

Borget and Saudi Arabia’s DGA reached an agreement at the Leap Tech Conference in Riyadh.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Thana

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