2023-8-9 14:18 |
Sandbox’s native token came under intense pressure ahead of a major token unlock. SAND dropped to a low of $0.40, which was much lower than last month’s high of $0.4831. In all, the token has dropped by more than 56% from the highest level this year.
Sandbox will unlock millions of SAND tokens worth over $134 million. These 332 million tokens will add to the over 2.05 billion tokens that are already unblocked. According to TokenUnlocks, the vesting schedule will end in May 2025. The token unlock will take place on Sunday.
The token unlock will take place at a difficult for Sandbox and other metaverse platforms. On-chain data shows that the number of users in the ecosystem has been in a downward trend. For example, data shows that land supply in the Sandbox has continued rising, pushing their prices lower.
Additional data by DappRadar shows that the Unique Active Wallets (UAW) dropped by 17.5% to 4.74k in the past 30 days. In the same period, the number of transactions in the network has fallen by 24% to 3.15k while the dollar balance in the network fell to just $33 million.
Sandbox is not the only Web3 platform in the blockchain industry. On-chain data shows that StepN’s active users has been in a downward trend after peaking in 2022. Similarly, it is an empty metaverse at Decentraland, where the unique active wallets dropped by 12% to 1.82k in the past 30 days.
The post Sandbox’s SAND token braces for a $134 million unlock event appeared first on Invezz.
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