Sandbox (SAND) threatens price dips as Whale deposits 28.46M coins to Binance & OKX

October 07, 2023 12:14 AM PDT | By Invezz

Sandbox (SAND) threatens price dips as Whale deposits 28.46M coins to Binance & OKX — Image source: Invezz

Whale dumps SAND

Note that whale"0x73b4" deposited 28.46M $SAND ($8.57M) to #Binance and #OKX 3 hours ago.

The last time this whale deposited a large amount of $SAND into exchanges was on Aug 10 (before unlocking), and the price of $SAND decreased by ~30% after that.https://t.co/hdmQtOW34R pic.twitter.com/T0U6hobAxI

— Lookonchain (@lookonchain) October 7, 2023

Further, SAND movement by wallet 0x73b4 early on Saturday has raised worries of further declines from the metaverse token. Lookonchain revealed that the whale deposited Sandbox tokens worth $8.57M (around 38.46 million coins) to exchanges Binance and OKX.

The whale triggered a 30% price decline the last time it deposited massive amounts of SAND into exchanges on August 10. The altcoin endured dips after the whale sent coins to Binance, OKX, and Gemini before unlocking.

Analysts interpret token deposits to exchanges as a bearish sign as these entities prepare to sell their thresholds. That magnifies selling pressure, translating to price plunges. Furthermore, whales control the most Sandbox tokens, accounting for 77.64% of the overall supply.

Sandbox price

Sandbox exhibited an optimistic outlook on Saturday, gaining 1.5% to $0.3008 at press time. However, the token wasn’t an exception to the prolonged crypto winter. SAND has lost over 64% within the past year as bears outshine bulls.

As invezz.com reported, the metaverse has become lonely as users quit. While analysts believe this sector will grow massively in the coming years, developers should design lucrative offerings to rescue the metaverse and NFTs market.

The post Sandbox (SAND) threatens price dips as Whale deposits 28.46M coins to Binance & OKX appeared first on Invezz

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