• Sandbox (SAND) is preparing for a cliff unlock, which will increase the number of tokens in circulation.
• The token has a total market cap of over $1.17 billion and a diluted value of $2.34 billion.
• The company recently announced a partnership with the Saudi Arabia Digital Government Authority, which could have positive implications for the price.
What is Sandbox (SAND)?
Sandbox (SAND) is an Ethereum-based gaming platform that allows users to create and play virtual worlds on its blockchain network. It aims to provide an open, secure, and transparent environment for game developers and players alike.
Cliff Unlock Nearby
Crypto tokens have a mechanism known as tokenomics, which defines the distribution of initial tokens. A cliff unlock is a situation that is baked in the tokenomics that increases the number of tokens in circulation. Data by Token Unlocks shows that just 56% of all SAND tokens are now in circulation, with the remaining 44% being locked. The locked ones are currently valued at over $1 billion and will be unlocked on Monday, increasing the total number of SAND tokens in circulation to 2.1 billion tokens with a market cap of over $1.17 billion and diluted value of $2.34 billion.
Sandbox Price Prediction
The SAND/USDT price retreated to a low of $0.7797 this week but seems to be forming a cup and handle pattern which is usually bullish sign according to technical analysis charts such as TradingView’s chart for SAND/USD pairs show.. In some instances when such dilution happens cryptocurrencies tend to rise like Axie Infinity’s AXS token did after it’s cliff unlock or companies postpone their cliff unlocks like dYdX did when they released news about their new updates .
Partnership with Saudi Arabia Digital Government Authority
Sandbox also announced recently that it was partnering up with Saudi Arabia Digital Government Authority which could have positive implications for the price although what exactly these implications are remain unclear for now .
Given its current chart patterns, partnerships ,and upcoming Cliff unlock Sandbox looks primed for something big although it remains uncertain whether this ’something‘ will cause prices to shoot up or down .