Token Unlock: Sandbox (SAND) and ApeCoin (APE)
Both Sandbox (SAND) and ApeCoin (APE) are preparing for a “token unlock” event, which will release additional units into the market and impact the price of these cryptocurrencies.
Situation before the Token Unlock
Sandbox (SAND) has already unlocked tokens worth $95 million, while ApeCoin (APE) is set to release tokens worth almost $25 million on February 17th. At the time of writing, SAND’s price has slid from $0.48 to $0.46 but has since recovered to $0.48. The unlock represents 10% of the total SAND supply and will increase the circulating supply to nearly 90%. As for ApeCoin, the unlocking of tokens will occur on February 17th and represents just over 2.5% of the circulating supply. Currently, APE is valued at $1.57 with a 4.45% price increase in the last 24 hours.
How Token Unlocking Works
When crypto project tokens are unlocked, there is usually an increase in selling pressure if the demand for the token does not keep up. Unlocked tokens become available for trading after their maturity period ends. These tokens are typically held by early investors, treasury, and public sale investors. SAND has effectively managed the short-term sale pressure and is in a recovery phase. It remains to be seen what will happen to APE since it is already experiencing a price pump.
Real-time Competition in Gaming and Accelerator Launch
The Sandbox recently announced its collaboration with Unstoppable Domains to organize a real-time competition for game studio professionals called “Unstoppable Experience.” This collaboration aims to bring the leader in Web3 names and domains into the decentralized metaverse. The experience includes a live multiplayer game where players compete to paint the most tiles in the MetaCube with their avatars.
In October 2023, ApeCoin launched its official Accelerator with Forj, a subsidiary of Animoca Brands. The goal of the Accelerator is to strengthen the ApeCoin ecosystem and enhance opportunities for APE holders.
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