On Tuesday, it was announced that Saudi Arabia has committed to partner with The Sandbox on metaverse initiatives.
After the metaverse gaming platform disclosed negotiations of a deal with Saudi Arabia, the price of Sandbox tokens has continued to surge.
At 7 a.m. EST, SAND was trading about $0.887, 22.8% up according to data from TradingView. At 4 p.m. EST, the token started to rise after the announcement of a memorandum of agreement.
In January, Metaverse tokens underwent a surprising rally. The price of SAND reached $0.84 in January, up from $0.38 at the beginning of the year.
On February 14, 12% of SAND supply is scheduled to be unlocked, which might amplify the current selling pressure. Approximately fifty percent of the unlock is assigned to investors and advisers. Conor Ryder, a research analyst at Kaiko, said that the final unlock in August may be a valuable indicator.
“In August, these investors sold in bulk as quickly as they could, creating enormous sell pressure for SAND, which lagged ETH by 20% that month. Again, we examine the highest-volume market on Binance, the SAND-USDT pair. On the day after the unlock, August 14, roughly 75 percent of all big transactions were of sell orders as investors sought to liquidate SAND.”
“We look forward to investigating, guiding, and supporting one another in Metaverse activations!”
Borget told The Block that he was unable to provide further information, but that it will be available in the following weeks.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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