The Sandbox (SAND), the native token of the popular metaverse platform, has managed to defy the odds and exhibit green indexes amid the selling pressure and bearish market sentiment seen over the past week. In fact, the price of SAND surged by over 7% while other major metaverse tokens faced significant declines during the same period. Nonetheless, a recent whale transaction could signal an upcoming decline in the value of SAND.
Arkham, an on-chain data tracker, has reported that Simon Kim, CEO of Hashed, unstaked a staggering $12 million worth of altcoins on May 30, 2023. Among the unstaked assets were 19.02 million Sandbox tokens, with an approximate worth of $10.64 million. In addition, Kim moved the League of Kingdoms Arena (LOKA) and Coin98 (C98) tokens. Data shows that the CEO transferred $10.52 million worth of SAND tokens to the world’s largest crypto exchange, Binance. Notably, The Sandbox Blockchain had previously raised $2.5 million in an investment round spearheaded by Hashed back in May 2019.
According to CoinMarketCap, the third-largest metaverse token by market capitalization is Sandbox. At present, its live market cap is valued at $1.01 billion. Over the last 7 days, SAND’s price increased by 7% after experiencing a steady decline. However, its price still lags by 8% when compared to its value over the past 30 days. On the other hand, its 24-hour trading volume has dropped by 15%, currently standing at $82.2 million.
While the rise of SAND in the face of a generally bearish market is commendable, investors should be cautious about the potential selling pressure that may result from the recent whale transaction. Furthermore, considering the fluctuating nature of the market, it is crucial for investors to conduct thorough market research before venturing into cryptocurrencies. The author or the publication does not hold any responsibility for personal financial loss arising from investments in digital assets. Always consider market conditions and seek professional advice before relying on personal opinions when investing in cryptocurrencies.
Source: Coingape
