Can The Sandbox (SAND) Keep Up After Valentine Token Unlock? Surges 30% After Saudi Metaverse Deal
The Sandbox is arguably one of the hottest Metaverse platforms today, consistently making valuable collaborations and contributions in the Web3 space. The metaverse’s primary utility token, SAND, has seen an impressive 221% increase since the start of the year. The surge could be in anticipation of the scheduled token unlock, where The Sandbox will release 12% of the total token supply on February 14th, according to TokenUnlocks. However, the fear and greed index has indicated markets are greedier than last year, and The Sandbox has not been slow in development. The Sandbox will unlock over 370 million SAND tokens from its three billion supply this Tuesday. Although SAND may have performed impressively this year, surging 221% to 90 cents, the metaverse token has yet to catch up to its all-time high of $8.44, according to CoinMarketCap data. At press time, the token is reportedly 32% down since the last token unlock event in August last year, according to CoinMarketCap data. However, SAND has gained 30% in 24 hours, following a landmark partnership deal with the Saudi Government. Historically, token unlocks are considered bearish events because of the surge in circulating supply and the event enabling investors to capitulate and lock in profits. The event can bring about heavy sell pressure from investors, causing the price to underperform. Project teams can counteract the negative impact by announcing positive news that could increase investor confidence. Interestingly, The Sandbox has not shied away from making big partnership announcements. Experts have eyes on the upcoming event, comparing it with the previous token unlock in August. Considering the token allocation for the upcoming unlock is similar to the prior, experts suggest there could be a similar underperformance for the SAND token. According to SAND’s trade history, nearly 75% of all significant traders were sell orders on the day after the August unlock. Investors looked to capitulate out of SAND, and the selling pressure continued for days. A research analyst added that this could be because the token unlock’s allocation is skewed toward investors. Despite historical data-based predictions about the token unlock, The Sandbox consistently shares positive development news. On February 7th, Sandbox co-founder and COO Sebastien Borget signed a memorandum of understanding (MOU) with the Saudi Arabia Digital Government Authority (DGA). The announcement was made as part of the ongoing tech conference, LEAP. While details about the MOU have yet to be revealed to the general public, the Saudis are max bidding, as the famous meme suggests. This week, The Sandbox has also collaborated with “Cut the Rope” developers, ZeptoLab, to develop a set of digital collectibles based on Nommies, the game’s famously cute characters. Moreover, The Sandbox has partnered with Binance to launch SAND Locked products, offering 30, 60, and 120-day subscriptions on a first-come, first-served basis. Users can gain as high as 12.25% and as low as 8.50% APR on the offered products. The announcements could correlate to the token unlock event since the announcement of the Saudi Arabia Government collaboration led to a 30% increase in 24 hours. With only a week left until the token unlock, users anticipate more positive news from the project. Bull market vibes are back. The ethics of counteracting potential sell pressure have yet to be debated; however, The Sandbox is no stranger to building and contributing to the Web3 space. The metaverse is leading the industry and laying the foundation for the next generation of users with its partnerships, experiences, and collaborations. Previously, the days following the token unlock incurred high sell pressure from investors; therefore, it would be interesting to see this token unlock event fold out, considering the mega announcements. Read about other token unlock events: Axie Infinity (AXS) Gains 42% in Anticipation of Token Unlock.
A Bearish Valentine?
Counteracting the Inevitable?
• AI altcoins exploding
• Saudis max bidding $SAND
• NFTs (like Checks) pulling a 100x+
• Tokens pumping on the slightest bit of positive newsOn the Flipside
Why You Should Care
Read more: https://dailycoin.com/sandbox-token-unlock-surges-30-after-saudi-deal/
Text source: DailyCoin.com
