As a seasoned analyst with years of experience under my belt, I can confidently say that the recent surge in SAND is nothing short of remarkable. The altcoin’s meteoric rise to a 28-month high of $1.06, accompanied by a staggering 303% increase over the last month, is a testament to the robustness and potential of the Sandbox ecosystem.
The cryptocurrency SAND, issued by Sandbox, has burst free from a prolonged stagnation due to advancements within its ecosystem and increased attention from large investors (whales).
On December 5th, Sandbox (SAND) surged more than 40%, reaching a 28-month peak of $1.06, which translated to a market capitalization exceeding $2.27 billion. This upward trend over the last week has propelled the digital currency by approximately 57%.
The figures become even more striking when viewed over an extended timeframe: SAND has surged by 173.6% in the past two weeks and 303% over the last month.
Significantly, the rally occurred alongside a surge in the altcoin’s daily trading activity and futures market open interest. Specifically, the daily trading volume for SAND increased by 95% within the last day, with approximately $4.1 billion worth of trades taking place over the previous 24 hours.
Over the past day, information from CoinGlass showed a 19.87% increase in open interest for the SAND futures market, bringing it up to a substantial $228.58 million, which is much higher than the $32.39 million recorded back in early November.
Why is SAND rising?
Most of the progress seen over the past day was made following the announcement of two fresh Sandbox Improvement Proposals, which aim to enhance the platform with captivating new content.
SIP 16 aims to raise €80,000 to create the second installment of the widely-loved survival horror game Deep Sea. This new version will offer unique enhancements to heighten gameplay enjoyment. SIP 17 concentrates on implementing an in-game inventory filter within the client for smoother gameplay. Users will be able to easily sort their equipment, streamlining their gaming experience.
The progression is linked to the current Alpha Season 4, which boasts the platform’s biggest-ever prize pool of $2.5 million in SAND. Players can earn rewards by undertaking diverse tasks and trials designed in partnership with prominent brands and franchises such as Playboy, Voice, and Hellboy.
Whales are accumulating
It appears that whales are now prioritizing the primary token of the metaverse, as indicated by recent data from IntoTheBlock. Initially this month, large holders of SAND tokens were selling a substantial amount, equating to about $2.2 billion. However, on Wednesday, December 4th, these same whales started buying a massive influx of SAND tokens, totaling approximately $8.2 billion.
Investors who focus on retail levels frequently mimic whale behavior due to the fear that they might miss an opportunity for profits if they don’t act quickly, as a result of increasing enthusiasm surrounding the altcoin.
Although there’s been a substantial increase in whale investments, approximately half of the total number of addresses are currently showing profits. This suggests that whales aren’t rushing to sell off immediately, as about half of the investors are still experiencing losses and might hold on for more price increases in the altcoin before deciding to sell.
Currently, SAND isn’t the only one experiencing a rise; it’s part of a broader resurgence within the metaverse cryptocurrency market. This sector had faced a substantial decline beforehand, but in the last 24 hours, its total market cap has increased by 5.29%, now exceeding $30.68 billion.
The level of trading was significantly boosted too, as the volume surged by an impressive 64.5% within the specified timeframe. Notably, other major players in the metaverse sector, such as Render (RENDER) and Stacks (STX), also experienced substantial growth, with double-digit increases.
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2024-12-05 14:02