What Happened After This Altcoin Surged 53% in a Day? Santiment Analyzes the Moves

Santiment examined the large transactions that accompanied SAND’s 53% surge after deposits and withdrawals reopened on three South Korean exchanges on October 2, as well as the moves that reversed in the following days.

According to data shared by the analytics platform on October 9, Upbit, Bithumb and Coinone resumed SAND deposits and withdrawals on October 2 after they had been suspended for about six weeks following an August bridge attack. The exchanges also removed the warning label on the token.

The Sandbox’s token, SAND, closed the day up about 53% at around $0.069. There was also a notable spike in transactions worth more than $100,000 that day.

Large transactions exceeded the average by more than 25 times

On October 2, the number of SAND transactions worth more than $100,000 reached 118. With the weekday daily average in September at about 4.5 transactions, that was more than 25 times the average.

Net inflows to exchanges totaled about 56 million SAND that day. This was more than three times the previous month’s highest daily net inflow. However, the movement reversed the next day, with about 31 million SAND in net outflows.

It rallied again as Bitcoin fell, then gave back its gains

SAND’s second rally came on October 7. The token gained about 16% while Bitcoin fell around 3%. However, SAND gave back most of that second rally on October 8.

Santiment’s analysis highlights the movement of a large number of tokens on the first day the six-week deposit restriction was lifted. The platform says it will continue to monitor where those SAND tokens go.