A substantial deposit of a cryptocurrency on a centralized exchange typically leads to substantial downward pressure on the token's value. Recently, Datafi has observed a noteworthy on-chain indicator.
- A substantial cryptocurrency holder transferred 21 million $SAND to Binance.
- The trading volume experienced a noticeable spike.
- According to on-chain analysis, this wallet is believed to be associated with Sandbox's inner circle.
Recently, Datafi has observed a notable on-chain event that has drawn its attention. A wallet identified as "Token Millionaire" deposited 21 million $SAND, approximately equivalent to $10 million, on Binance via another wallet on January 6th at 6 PM (UTC). The trading volume of $SAND on Binance has increased by 33 million with a 12% rise in price since the deposit was made.
There is speculation that this deposit was made to draw attention since The Sandbox, the platform that utilizes $SAND as its utility token, is launching a new game feature (Game Maker 0.8). This wallet is believed to be an insider of The Sandbox as it has received $SAND from the vesting for foundations and advisors.
It is important to keep in mind that:
- On February 14th, there will be a vesting unlock of 348 million $SAND, equivalent to $161 million or 11.6% of the total supply, for early investors, funds, and the team.
- A significant deposit does not necessarily result in an immediate dumping of tokens. Tokens can be kept on a centralized exchange (CEX) for extended periods and sold gradually.
SAND is an Ethereum ERC-20 utility token that powers The Sandbox, a multiplayer metaverse where players can create, monetize, and participate in blockchain-based gaming experiences. SAND is used throughout The Sandbox ecosystem as the basis for transactions and interactions.