As the cryptocurrency market prepares to unlock major tokens, gaming and NFT projects Sandbox and ApeCoin will experience unlocking
SAND Under Pressure, APE Holds Steady as $125M Token Unlocks
Token locks, which mark the release of previously restricted tokens, are poised to inject $125 million worth of tokens into circulation in the coming days, potentially putting short-term pressure on respective prices.
SAND, a major player in the virtual gaming space, will unlock $95 million worth of tokens today.
This represents approximately 10% of SAND's total supply and will likely bring the circulating supply closer to 90%. Currently, SAND has a market cap of $1 billion and is used for a variety of activities in Sandbox's virtual worlds.
Meanwhile, ApeCoin (APE), another major token in the gaming and NFT sector, is facing the launch of nearly $25 million worth of tokens on Friday.
While this unlock accounts for just over 2.5% of APE's circulating supply, it represents more than 35% of the token's total supply. These tokens, allocated to key stakeholders such as Yuga Labs and ApeCoin DAO, will soon enter the market.
The gaming industry continues to fascinate the crypto community in 2024, with crypto games serving as entry points into the broader crypto ecosystem and offering incentives to players in the form of cryptocurrency rewards.
While the market awaits the outcome of these token unlocks, investors remain vigilant, assessing the potential implications for SAND, APE, and the broader gaming and NFT landscape.
*This is not investment advice.