The Sandbox cryptocurrency, currently ranked 63rd, faces significant challenges in its attempt to rebound, with a loss of 16% over the past 30 days and struggles to gain traction in the past 24 hours due to a lack of buying volume.

On-chain data has revealed that four wallets associated with The Sandbox Game recently deposited 92.94 million $SAND ($41.21 million) to Binance. 

These tokens were received from Sandbox’s multi-signs over the past 1.5 months as part of an unlock process.

Four wallets linked to @TheSandboxGame deposited 92.94M $SAND ($41.21M) to #Binance ~8hrs ago.

These wallets received those tokens from the Sandbox’s multi-signs in the past 1.5 months as a part of unlock.

So far, they have deposited 93.14M $SAND ($41.3M) to #Binance and sold… pic.twitter.com/I5tVBlk5Zl

— Spot On Chain (@spotonchain) February 3, 2024

Binance Cumulative Deposits Hits Remarkable Level, $SAND Unlock Event

The cumulative deposits to Binance from these wallets now stand at 93.14 million $SAND ($41.3 million), with a recent sale of 1.3 million $SAND for 566,000 $USDC occurring just 2 days ago. 

This activity may be contributing to the struggle to generate bullish momentum around the token.

It’s worth noting that Sandbox is scheduled to unlock 205.59 million $SAND ($90.2 million) on February 14, 2024, which could potentially lead to further activity in the market.

The lack of significant buying volume influx presents a significant challenge for Sandbox as it seeks to regain its footing in the market. Despite the unlocking events and recent activity, the cryptocurrency continues to face hurdles in its journey to recovery.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ February 3, 2024 11:43 pm