Hashed CEO Offloads $10 Million Of Sandbox; SAND Price Dump?

Sandbox News: The Sandbox (SAND), the native token of Sandbox metaverse printed green indexes countering the selling pressure and market sentiments over the past 7 days. Sandbox price jumped by more than 7% while other major metaverse tokens’ prices declined during the period. However, recent whale transaction suggests that SAND price might face a decline ahead.

Also Read: Bitcoin Outperforms Gold, Crude Oil; Bitcoin Bull Run Ahead?

Sandbox To Face Selling Pressure?

Arkham, On-chain data tracker, reported that Simon Kim, CEO of Hashed unstaked $12 million worth of altcoins on May 30, 2023. The executive unstaked 19.02 million Sandbox tokens (Approx worth $10.64 million). He also moved the League of Kingdoms Arena (LOKA) and Coin98 (C98).

Data depicts that hashed CEO moved $10.52 million worth of SAND tokens to the world’s largest crypto exchange, Binance. It is important to note that The Sandbox Blockchain raised $2.5 million in an investment round led by Hashed in May 2019.

This move suggests that the Hashed executive is seeking to book a profit and take an exit from the project. It is expected that SAND might face some selling pressure ahead.

Also Read: Optimism Investor Whale Moves 2.65 Million OP Ahead Of Unlock; Dump Incoming?

As per CoinMarketCap, Sandbox is the third largest metaverse token by market capitalization. Its live market cap stands at $1.01 billion. SAND price registered a gain of 7% in the last 7 days after a continuous decline. Its price trailed by 8% in the last 30 days. However, its 24 hour trading volume has dropped by 15% to stand at $82.2 million.

Top Metaverse tokens have managed to recover from a recent sell-off. The cumulative market cap metaverse now stands around $13.77 billion. Its 24 hour trading volume is down by 31% to stand at $831 million.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.