Key Points:
Earlier today, it was discovered that address 0x73b had transferred 80.52 million SAND (approximately $32.44 million) to CEX.
The action was taken before the 332.55 million SAND unlock event – or 16.1% of the supply on August 14.
Play-to-Earn Tokens are in the doldrums as top P2E tokens have dropped by almost 98%.
A large number of The Sandboxs SAND tokens have been put on the exchange ahead of unlocking more than 16% of the supply taking place on August 14.
According to the monitoring of on-chain data analyst Ember, 6 hours ago, address 0x73b transferred 80.52 million SAND (about $32.44 million) to CEX. Of those, 70 million SAND was transferred to Binance, 10 million SAND was transferred to OKX, and 529,000 SAND was transferred to Gemini.
It is known that the SAND at address 0x73b all come from The Sandbox: Genesis address unlocking distribution. It last received 60 million SAND from Genesis 7 days ago.
The activity took place before the big unlock event of the project. On August 14, The Sandbox will unlock 332.55 million SAND – equivalent to 16.1% of the SAND supply.
A large amount of unlocked tokens could lead to a sharp decline in the price this month. Because in the middle of T2 of this year, SAND unlocked 18.1% of the supply, and the price dropped sharply in the days after that.
Besides, Trading Volumes of the top Play-to-Earn (P2E) tokens fell 98% in June and July, compared to the bull market peak in November 2021, according to data from Kaiko on the trading volume of Play To Earn (P2E) tokens on CEXs.
Therefore, under pressure from these news and until the token unlock, the selling pressure of SAND will be heavier while trading volume is dismal.