Crypto News

Animoca Brands Withdraws $4.95 Million In $SAND From Binance Amid Market Fluctuations

Animoca Brands, the developer behind The Sandbox, has recently withdrawn $20 million worth of $SAND tokens from Binance, amounting to approximately $4.95 million.

This transaction occurred in two separate batches, with the first withdrawal taking place around 17 hours ago.

Subsequently, the tokens were transferred to a new address, 0x3Ac…a9192, five hours later. This address now holds a total of 25 million $SAND tokens, valued at about $6.16 million. However, it’s important to note that $SAND has experienced a 14% decline in value over the past week.

10 Million $SAND Withdrawn 

In a related development, Amber Group made headlines two days ago by withdrawing 10 million $SAND, roughly valued at $2.62 million, from their multi-signature wallet. This amount was quickly transferred to Binance, raising eyebrows in the crypto community. Interestingly, despite this significant withdrawal, around 9 million $SAND, valued at approximately $2.41 million, still remains in the multi-sig wallet.

This series of transactions has sparked speculation among traders and analysts regarding the future movements of $SAND. With the current volatility in the market, many are left wondering what strategy Animoca Brands and Amber Group will pursue next. As they navigate these market shifts, all eyes will be on their next moves, particularly as $SAND continues to face downward pressure. The evolving situation highlights the dynamic nature of the cryptocurrency market and the strategic decisions being made by major players.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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