The Sandbox Token (SAND) Dips 5%, Here’s Why It Will Fall More

The global cryptocurrency market woke up to see the red indexes. However, the top Metaverse tokens’ prices took the biggest hit amid the recent market crash. Meanwhile, the Sandbox, in a bid to woo its Land Owners, announced a distribution of around 5 million mSAND tokens.

5 million mSAND up for grabs

In the latest release, the Sandbox declared that mSAND token available on the Polygon network is up for grabs. The snapshots were taken on May 13, 2022, for the distribution procedure. Anyone that owns land in SAND’s metaverse as of the announced date is eligible for the claim. However, the mSAND will be issued to the holders as per their tier.

The Sandbox started to deploy a layer-2 ecosystem on the Polygon network. Its native token SAND will be known as mSAND in their ecosystem. Meanwhile, the SAND tokens price has slumped by over 6% in the last 24 hours. The token is trading at an average price of $1.31, at the press time. The token’s price have already dropped by over 38% in the past 30 days.

As per Sandbox’s landowner roadmap 2022, an anniversary claim of the SAND token will go live on the 1,000th day of their metaverse. It will fall in September 2022.

SAND takes pride month to the Metaverse

The Sandbox announced that in order to celebrate Pride Month, they are collaborating with the newly launched People of Crypto Lab (POC). The new hub will go live on June 24, 2022, amid the special “Belonging Week”. This will increase the representation, diversity and culture in Web3. The partnership will be with a collection of 8,430 genesis of unique avatars. Its minting will begin on June 17.

The metaverse tokens are cumulatively down by over 6% over the last day. The total market capitalisation has slumped to $13.6 billion. The 24 hour trading volume has come down to $3.3 billion. Meanwhile, the SAND stands as the third-largest metaverse token with a market cap of $1.61 billion.