How I checked why
$SAND jumped 71% today
About one in six. That is how many extra SAND coins appeared after an exploit in late August. Lookonchain, a public tracker, reported more than 500 million new coins. The most SAND can ever exist is 3 billion.
Those coins were not supposed to exist. Soon after, Upbit put a trading caution on SAND, and Bithumb paused deposits and withdrawals. Both are big Korean exchanges. Upbit's review window ran into this week. Today SAND is up about 71%.
So I tried to find out why. I read the exchange notices as reported by news sites. I checked the dates against the price jump on the chart. I also tried to compare price levels from a summary site against the live price. They did not match, so I threw that page out.
Here is what looks odd to me. Some people say the caution was lifted on 2 October. I could not confirm that. I only found the review window. The news sites do not show where the 500 million new coins went either. If they sit untouched, fine. If they move to exchanges, that is a lot of coins that could be sold. I have not yet looked at the public wallet records for this. That is my next check.
One more thing. A 71% day tells you people are excited. It does not tell you the project got stronger.
If you are thinking about trading it, here is how I would think. It only makes sense to me if the exchanges' own notices show the caution is gone. You also need to be able to sell without pushing the price down, and I have not verified that for SAND. I would stay out if trading volume fades fast, if the caution comes back, or if the new coins start moving to exchanges. I have no price levels for you, because the only ones I found were unreliable. Keep the size small enough that losing all of it would not hurt. Borrowed money (leverage) on a day like this is dangerous, because a sharp drop can wipe the trade before you react.
Has anyone seen the official Upbit or Bithumb notice saying the caution was lifted?
I watching
$SAND NFA
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