The Sandbox network will unlock 372.6 million SAND tokens — amounting to 12.419% of the circulating supply — on Feb. 13.
The news comes amid a 30% surge in price driven by the announcement of a “mysterious partnership” with Saudi Arabia.
Exchange inflows surpass outflows
A substantial volume of SAND tokens — roughly 82 million — has been moved to various exchanges following the two announcements, according to Glassnode data.
The Sandbox price currently sits at $0.90301, down 89.5% from its all-time high in November 2021. However, over the last 30 days, the token’s price has surged more than 70%, with its total market cap sitting at approximately $1.35 billion, and a total circulating supply of 1.5 billion SAND.
The Market Value to Realized Value Ratio (MVRV) is a measure that shows the difference between the current market value of an asset and its actual value. The ratio helps investors determine if they could profit by selling the asset at its current market price.
According to a chart published by Santiment, the MVRV for SAND shows that sellers could make a profit right now. The MVRV for the last 365 days is 48.60%, while the MVRV for the last 30 days is 12.03%.
Source: Cryptoslate
