Virtual world Sandbox’s SAND token is witnessing a surge in price over the month ahead of its token unlock scheduled for Feb. 14.

Token unlocks, which are usually considered bearish events, appear to be having little effect on the price of Sandbox’s SAND token in the lead-up to releasing more supply. The project will be releasing 12% of the token’s supply, equivalent to around $273 million worth of SAND, to seed and strategic investors, according to Token Unlock, with half of the 12% going to investors, according to a report from Kaiko Research.

SAND is the utility token used on The Sandbox’s ecosystem as the basis for transactions and interactions. Its price has increased 90% since the start of the year and is now trading at $0.74, according to data from Messari. Notably, however, the token is still 90% down from its all-time high of $8 reached in November 2021.