The Sandbox (SAND) price dipped to a new all-time low of $0.29 on September 13 as bearish headwinds surrounding the metaverse heightened. On-chain data trends reveal how the SAND price could move as Binance looks to discontinue Sandbox NFT Staking.
Sandbox (SAND) price entered another downswing on September 8, after cryptocurrency exchange Binance announced that it would discontinue support for the Sandbox NFT Staking program. Will bearish whale investors drive the SAND price closer to zero?
Sandbox Whales Have Sold Tokens Worth $2M in 5 days
The Binance delisting announcement last Friday appears to have sparked bearish sentiment among Sandbox whale investors. On-chain data reveals that once the news broke, the whales appeared to have halted their week-long buying trend and started selling.
According to data from Santiment, the crypto whales with balances of 1 million to 10 million SAND held a total of 281.7 million SAND as of September 7. But the chart below illustrates that as of Sept 13, that figure has dropped to just 277.4 million SAND.
This means that since the Binance announcement hit the newsreels on Sept 8, the Sandbox whale investors have already sold off 7.3 million SAND tokens.
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Author: Ibrahim Ajibade
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