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The Sandbox unlocked a total of 332 million SAND tokens, which is around 16% of the digital asset’s current circulating supply. The unlocked tokens are worth around $133 million at the time of the unlock.
On August 14th, the unlocking of SAND had a major impact on its price which has been on a downward trend for the past 30 days. Since the unlocking, the price continued to decline and as of now. SAND is being traded at $0.39, lower than its price of $0.45 on July 15th.
Token unlocks are typically bearish for digital asset prices, as they unfreeze liquidity and inject it into the open market. This can lead to a sell-off as investors take profits. In the case of SAND, the unlock exacerbated the bearish sentiment built in the market for the past month.
Despite the recent price volatility, The Sandbox continues to onboard new users and partners. On July 28th, the company announced a partnership with the British Museum to make artifacts from the museum’s collection more accessible to the public. This partnership is a major coup for The Sandbox, and it could help to attract new users to the Metaverse.
The recent token unlock has had a negative impact on the price of SAND. However, The Sandbox continues to grow and onboard new users, which could help to support the price of the token in the long term.
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