Key Points:
According to the monitoring of on-chain data analyst Ember, 6 hours ago, address 0x73b transferred 80.52 million SAND (about $32.44 million) to CEX. Of those, 70 million SAND was transferred to Binance, 10 million SAND was transferred to OKX, and 529,000 SAND was transferred to Gemini.
It is known that the SAND at address 0x73b all come from The Sandbox: Genesis address unlocking distribution. It last received 60 million SAND from Genesis 7 days ago.
The activity took place before the big unlock event of the project. On August 14, The Sandbox will unlock 332.55 million SAND – equivalent to 16.1% of the SAND supply.
A large amount of unlocked tokens could lead to a sharp decline in the price this month. Because in the middle of T2 of this year, SAND unlocked 18.1% of the supply, and the price dropped sharply in the days after that.
Besides, Trading Volumes of the top Play-to-Earn (P2E) tokens fell 98% in June and July, compared to the bull market peak in November 2021, according to data from Kaiko on the trading volume of Play To Earn (P2E) tokens on CEXs.
Therefore, under pressure from these news and until the token unlock, the selling pressure of SAND will be heavier while trading volume is dismal.
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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