The Sandbox network will is set to unlock 372.6 million SAND tokens — amounting to 12.419% of the circulating supply — on Feb. 13.
The news comes amid a 30% surge in price driven by the announcement of a “mysterious partnership” with Saudi Arabia.
Exchange inflows surpass outflows
A substantial volume of SAND tokens — roughly 82 million — has been moved to various exchanges following the two announcements, according to Glassnode data.
![Yje Sandbox Net Transfer Volume from/to Exchanges [SAND] - All Exchanges (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/02/glassnode-studio_the-sandbox-net-transfer-volume-from-to-exchanges-sand-all-exchanges-1024x576.png)
The Sandbox price currently sits at $0.90301, down 89.5% from its all-time high in November 2021. However, over the last 30 days, the price of the token has surged more than 70%, with its total market cap sitting at approximately $1.35 billion, and a total circulating supply of 1.5 billion SAND.
![Trading View The Sandbox [SAND] (Source: TradingView)](https://cryptoslate.com/wp-content/uploads/2023/02/Screenshot-2023-02-08-at-11.42.43-AM.png)
The Market Value to Realized Value Ratio (MVRV) is a measure that shows the difference between the current market value of an asset and its actual value. The ratio helps investors determine if they could make a profit by selling the asset at its current market price.
According to a chart published by Santiment, the MVRV for SAND is showing that sellers could make a profit right now. The MVRV for the last 365 days is 48.60%, while the MVRV for the last 30 days is 12.03%.
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