The Sandbox metaverse token is up 92% year-to-date

Investors in the Sandbox metaverse who invested in early 2023 can rejoice in the results. In just 1 month, the cost of the SAND token has risen by 92%. At the moment, the coin is valued at $0.73. It is worth noting that such growth is far ahead of the current rate of rise of all cryptocurrency tokens today.

Experts from the Token Unlock company report that on February 14, the owners of The Sandbox are going to unlock 12% of the total supply of all SAND tokens. In dollar terms, this is $273,000,000.

The end of 2022 marked negative results for metaverse tokens. Not only The Sandbox was hit, but also their competitors in the face of ApeCoin, Axie Infinity and others. Even though SAND has climbed 92% in the last month, it is still at a fairly low level. If we compare today's performance with historical highs, the token has dropped by 91.3%. At its peak, the coin was valued at $7.5.

Cryptocurrency analyst Conor Ryder believes that February 14 could be a key date for developments in relation to the SAND token. When developers unlock 12% of the total supply, it will likely have a negative impact on the value of the coin. A similar scenario was in August last year. Then, after unlocking funds, investors massively sold cryptocurrency and collapsed to a historic low, which fell on January 1. Then the token was estimated at $0.38.

At the moment, as mentioned earlier, the cost of SAND is $0.73, which is 92% higher than at the beginning of the year. The volume of daily trading conducted by traders with this coin exceeded $170,000,000. The total capitalization of SAND currently exceeds the $1,000,000,000 threshold.

Previously, we talked about 10 companies associated with the world of the metaverse, which are worth paying special attention to. If you missed our material, then we invite you to familiarize yourself.