Just-In: Hashed CEO Offloads $10 Million Of Sandbox; SAND Price Dump?

Sandbox News: The Sandbox (SAND), the native token of Sandbox metaverse printed green indexes countering the selling pressure and market sentiments over the past 7 days. Sandbox price jumped by more than 7% while other major metaverse tokens’ prices declined during the period. However, recent whale transaction suggests that SAND price might face a decline ahead.

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Sandbox To Face Selling Pressure?

Arkham, On-chain data tracker, reported that Simon Kim, CEO of Hashed unstaked $12 million worth of altcoins on May 30, 2023. The executive unstaked 19.02 million Sandbox tokens (Approx worth $10.64 million). He also moved the League of Kingdoms Arena (LOKA) and Coin98 (C98).

Data depicts that hashed CEO moved $10.52 million worth of SAND tokens to the world’s largest crypto exchange, Binance. It is important to note that The Sandbox Blockchain raised $2.5 million in an investment round led by Hashed in May 2019.

This move suggests that the Hashed executive is seeking to book a profit and take an exit from the project. It is expected that SAND might face some selling pressure ahead.

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As per CoinMarketCap, Sandbox is the third largest metaverse token by market capitalization. Its live market cap stands at $1.01 billion. SAND price registered a gain of 7% in the last 7 days after a continuous decline. Its price trailed by 8% in the last 30 days. However, its 24 hour trading volume has dropped by 15% to stand at $82.2 million.

Top Metaverse tokens have managed to recover from a recent sell-off. The cumulative market cap metaverse now stands around $13.77 billion. Its 24 hour trading volume is down by 31% to stand at $831 million.