Whale Sandbox Move 409 Million SAND Tokens, Want To Be Sold?
JAKARTA One of the leading metaverse platforms, The Sandbox (SAND), has succeeded in attracting major players and prominent figures from various circles including top celebrities in recent years. SAND is active in establishing partnerships with various well-known individuals and companies.
Despite all that, SAND investors were shocked by the emergence of large numbers of SAND crypto owners, commonly called Whales or whales, who moved hundreds of millions of dollars worth of SAND to other digital wallet addresses.
On Wednesday, March 29, a Sandbox whale famous for moving 409 million SAND tokens, worth nearly $260 million to a new address. According to Santiment, this is the most tokens transferred since August 13, 2022, representing 13.7 percent of the total token supply.
According to Etherscan, the wallet holder ranks second after The Sandbox Genesis wallet in terms of tokens. Users are worried that whales could be preparing for a massive sell-off, given the reduced number of big players since the start of the year.
According to a DailyCoin report, on January 1, the top address holds 77 percent of the total SAND supply. However, at the time of writing, that number has fallen to 74 percent, the lowest since the start of the project in 2021.
If whales decide to sell their tokens it will affect the performance of the SAND price. On the other hand, retail investors' interest in SAND has decreased even though the token is down from its all-time high (ATH). Network activity has slowed, and new addresses that have tokens have also declined in recent weeks. However, the next Whale action is not yet known.
According to CoinGecko, the price of SAND has fallen by around 92 percent from its record high at the level of IDR 119,911 on November 25, 2021. At the time of writing, the SAND token is trading at IDR 9,400. SAND has decreased by 2.7 percent in the past week.