On-chain analytics firm Santiment has flagged a major whale move for The Sandbox's native asset, SAND. According to it, a whale shifted out the entire holdings of a wallet — 409 million SAND worth nearly $261 million at the current exchange rate, to a new address. The reason for the move remains unknown.
Santiment noted that this is the largest tranche of coins moved since SAND's week of inception in August 2020.
"A known The Sandbox whale emptied out its entire 409 million SAND and moved to a new address today. This was the most coins moved since the asset's first week of existence in August 2020," Santiment analysts wrote.
At the time of writing, the native asset of Sandbox game SAND was up 5.79% in the last 24 hours at $0.639.
According to Santiment, the whale moved the said tokens to a new nonexchange address.
Exchange outflows, in this instance, might indicate that the movement of coins into storage may be a bullish indication. This might imply that crypto owners no longer want to swiftly sell their assets and would prefer to keep them safely stored. This suggests that investors might believe that prices might still increase.
In the wake of the FTX collapse, several investors have explored alternative means of safekeeping their assets away from exchanges.
The Sandbox news
Global fashion brand Tommy Hilfiger has announced its tie-up with The Sandbox and other companies as part of its commitment to metaverse interoperability.
Earlier in March, Sandbox unveiled its partnership with Ledger Enterprise, a provider of infrastructure solutions for the safeguarding of businesses' crypto assets.
This collaboration will offer security integration to enterprise brand partners of The Sandbox, making it easier for brands to secure their LANDs while also securing the wallet containing The Sandbox NFT collection.