Token unlocks, such as the impending unlocking of $125 million in SAND and APE tokens, can intensify market supply pressure, prompting anticipation regarding potential changes in SAND and APE’s circulating supply.
When tokens are unlocked, it can add more selling pressure to the market if there isn’t enough demand to absorb the newly available tokens. Currently, data shows that there’s a scheduled unlocking of $125 million worth of tokens from popular gaming and NFT projects The Sandbox (SAND) and ApeCoin (APE).
Token Unlock Events: SAND and APE
Recent data indicates significant token unlock events for The Sandbox (SAND) and ApeCoin (APE). Today, approximately $100 million worth of 205.59 million SAND tokens are set to be unlocked, followed by $23.09 million worth of 15.6 million APE tokens on February 17th.
Following the SAND unlock, constituting 10% of The Sandbox’s total supply, the circulating supply is expected to rise to about 90%. With a current market value of $1 billion, SAND is utilized for activities within The Sandbox’s virtual worlds. The ApeCoin unlock will release just over 2.5% of its circulating supply, while approximately 35% of the token’s total supply remains allocated to creator Yuga Labs, ApeCoin DAO, and other network stakeholders.
Token unlocking involves releasing previously restricted tokens into the market once their vesting periods conclude. These tokens, originally allocated for early investors, treasuries, and public sale participants, become tradable upon unlocking, facilitating buying and selling activities.
These unlocks are significant events in the lifecycle of tokens, as they can impact market dynamics, circulating supply, and investor sentiment. As such, they are closely monitored by the cryptocurrency community and can influence short-term price movements and long-term market trends.
Price Movement Ahead of Token Unlock: SAND and APE
As the token unlock event approaches, SAND’s price has observed a 2.3% decrease over the last 24 hours, with the altcoin trading at $0.4667. Despite this recent decline, data indicates an 8.49% increase in SAND’s price over the past 7 days, although it has fallen by 7.94% over the last 30 days.
On the contrary, APE’s price has experienced a 1.15% increase, reaching $1.51 before the token unlock event. Over the last 7 days, APE’s price has risen by 11.65%, with a 5.31% increase recorded over the past 30 days.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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