Sandbox (SAND) price: Analyst says $134M token unlock likely priced in

The Sandbox token SAND is trading with a slight bearish bias on the daily and weekly time frames as community sentiment takes into account the upcoming token unlock.

At current levels of $0.40, SAND price is down 95% from its all-time highs of $8.50 reached in 2021 to rank as one of the altcoins to dump massively during the bear market.

SAND price outlook ahead of $134 million token unlock

According to on-chain data platform Token Unlocks, a total of 332.5 million SAND will be released into circulation on August 14. The token unlock accounts for 16.6% of Sandbox total supply, and at current prices, is worth about $134 million.

X user DeFi Investor recently highlighted The Sandbox as one of the projects having a significant token unlock in August.

Large token unlocks will occur in August.

• $SAND – $133.14M on August 14
• $WLD – $7.26M daily
• $AVAX – $118.7M on August 26
• $OP – $41.3M on August 30
• $INJ – $23.4M on August 21

Some thoughts and what you need to know about them:

> $SAND

$133.14M SAND is 16.16%… pic.twitter.com/QZjiJOaPvc

— The DeFi Investor 🔎 (@TheDeFinvestor) August 4, 2023

The soon to be released tokens is a distribution that will go to the team, consultants/advisors, company reserves, strategic round and seed round.

Specifically, 71.2 million SAND is for the team, 37.5 million for advisors/consultants and 96.8 million company reserves. Another 24 million will go to the strategic round, while 103 million is expected to go to the seed round.

Given the likely impact of a huge unlock event on prices, the SAND community is slightly bearish. A dump to new lows for the altcoin could happen, particularly if Bitcoin, Ethereum and the broader crypto market sees new declines. However, with the metaverse token’s prices down massively over the past year and since its ATH, analysts say the upcoming unlock could already be priced in.

“Investors & advisors are usually the [people] most likely to sell, so it would make sense to see the $SAND price dropping after the unlock. Yet the token price is already close to its 2023 lows, so the unlock may be partially priced in,” the DeFi Investor wrote.