Almost 3% of SAND’s Supply Transferred to Binance, Price Reacts
Large transaction causes some fear among investors, though main part of selling pressure might appear later
Recently, Binance saw a transfer of a significant amount of The Sandbox’s (SAND) cryptocurrency. A total of 78 million SAND, worth approximately $56 million, was moved to the exchange by three addresses, representing 2.6% of the total supply. In addition, another investor transferred 2 million SAND, worth $1.5 million, to Binance just a few hours later.
The Sandbox is a platform that combines the benefits of decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs) to offer users the ability to create, build, buy and sell digital assets in the form of games. With The Sandbox, users can unleash their imagination and bring their digital creations to life, becoming an integral part of a gaming community that is powered by blockchain.
3 addresses of The Sandbox transferred a total of 78M $SAND ($56M) to #Binance 11 hrs ago, which accounts for 2.6% of the total supply.
Subsequently, an $SAND investor who often transfers $SAND to #Binance at high prices transferred 2M $SAND ($1.5M) to #Binance again 3 hrs ago. pic.twitter.com/6d2g1RZmqg
— Lookonchain (@lookonchain) February 5, 2023
Despite the large transfer of SAND to Binance, the cryptocurrency did not experience a major volatility spike. In fact, SAND only lost 0.6% of its value in the last 24 hours, which is a sign of high liquidity on the market. Overall, the movement of SAND on Binance is a positive sign for the cryptocurrency, as it highlights increasing demand and interest from investors.
This significant transfer of SAND to Binance has raised concerns among investors as it could indicate a potential increase in selling pressure. Some major investors may be looking to take profits from their holdings after the impressive price performance of SAND in recent weeks.
At press time, SAND is changing hands at $0.7 and showing some obvious signs of a fading trend as the trading volume of the asset has decreased massively since reaching the local high on Jan. 14.
