The Sandbox (SAND) token faces a major unlock event tomorrow (August 14, 2023).
The event will represent the final token distribution for private investors participating in the seed funding round in 2019.
According to the tokenomics of the project, private investors received 17% of the total SAND token supply, corresponding to 515 million SAND. However, these tokens were subject to a vesting program that was gradually released over a five-year period.
The first unlocking took place in August 2019, when 15% of the allocated tokens were distributed. Subsequent unlocks were made every six months, with an increasing percentage of tokens released each time.
With the token unlock event tomorrow at 03:00 (00:00 UTC), 308.46 million SAND tokens will be released.
Investors Participating in SAND Altcoin Funding Round in 2019 Will Earn 10,000 Percent Profit
This unlock event could have a significant impact on the price and liquidity of the SAND token, as private investors have the opportunity to sell their tokens for a huge profit. The seed funding round price of SAND was $0.0036 per token; which means that private investors bought their tokens for a total of $1.29 million.
However, the current price of SAND hovers around $0.4007 per token, which means its tokens are currently valued at $123.39 million. That's a staggering increase of almost 10,000% in value.
The market cap of SAND is currently $822.97 million, meaning the unlock amount represents 14.99% of the token's total market value.
*Not investment advice.
