Sandbox’s SAND token has seen a slide this month ahead of its Monday unlock, which is set to release more than 16% of the circulating supply. However, 60 million SAND tokens were transferred out of the multi-sig Sandbox Genesis smart contract one week ago, according to block explorer Etherscan, a sign the unlock had already begun. “Just because there are token unlocks, it doesn’t mean the tokens are immediately flooding the market,” said Sandbox Discord Ambassador, Uncle Grumpy. “A lot of the tokens from these unlocks are used for events and rewards.”
Monday’s unlock will see over 332 million SAND tokens (roughly $133 million) enter into the open market. 50% of the tokens will be allocated to the team and company reserve, while Sandbox advisors will receive about $15 million worth of tokens. The remaining tokens will go toward those that participated in the strategic and seed sales of SAND. Each of these parties will be able to sell their positions for the first time.
SAND’s 24-hour trading volume at press time stands at $74.9 million, per CoinGecko. Last year’s August airdrop pushed the price down over 20% in six days after the unlock, however SAND’s February unlock managed to buck the bearish trend. There was no sign that this month’s instance would do the same, and the token has fallen 4% since August 1 and spent the last week around 40 cents.