- Hashed released $4.06M worth of SAND tokens after a two-year holding period which indicates its changing approach to metaverse investments.
- The SAND holdings of Hashed’s wallet account for more than 50% of its overall value even after recent token trades.
- There is indecision in the SAND market based on decreased Futures trading activity which results in low volume numbers coupled with minimal liquidations.
In a significant move within the crypto investment space, blockchain-focused venture firm Hashed transferred 17.035 million SAND tokens, valued at approximately $4.06 million, to Binance.
The firm has conducted its largest SAND token sale since its last trading two years ago. This transaction completed less than an hour before its announcement emerges at a time when the opinion toward metaverse investments continues to change.
Currently, the token SAND maintains its trading value at $0.2388 with a price surge of 3.7% and its support holding strong at $0.2273. Additionally, the relatively low 24-hour volume and modest market cap have also surged currently at $92.1M and $591.75M respectively.
Hashed Retains SAND Lead Amid Diversified Crypto Holdings
Despite this sale, Hashed retains 25.552 million SAND tokens, with an estimated value of $6.09 million based on the latest market prices.This development is particularly notable given Hashed’s long-standing relationship with The Sandbox platform.
Data from the Hashed wallet reveals a current balance of $11.585 million across several assets. The firm possesses SAND alongside substantial assets of various tokens comprising 2.800 million USDT ($2.799 million) and 923.698 ETH ($1.456 million) and 325,746 AXS ($755,503) and 22.647 million SKL ($419,584).
The present token distribution reflects widespread sectoral spread between DeFi, gaming and infrastructure projects. The significant SAND transfers from the crypto wallet have not altered the fact that SAND represents the wallet’s biggest investment which exceeds 50% of its total worth.
Low Liquidations Signal SAND Consolidation
According to Coinglass data, since mid-January, both long and short liquidation volumes for SAND have declined significantly. The latest SAND futures liquidations have rarely broken the $1 million threshold signaling a decrease in speculative activity alongside potential market disinterest.
A shortage of short-term buying confidence and bullish momentum is evident because major price spikes or long-term liquidations have not occurred. SAND will likely experience a consolidation phase as long as its price stays above $0.23. An investment level below $0.23 would potentially lead to a more substantial price correction that could drive SAND prices down below $0.20.
Hashed’s SAND Shift Raises Metaverse Doubts
Hashed faces uncertainty regarding the profitability of SAND tokens and metaverse assets because of this strategic move. Major investments influence cryptocurrency market prices during significant shifts caused by investor market influence, current market movement and changing metaverse project confidence levels.
