What Next for Sandbox Price after Taking Metaverse Top Spot?
The post What Next for Sandbox Price after Taking Metaverse Top Spot? appeared on BitcoinEthereumNews.com.
The Sandbox (SAND) price reclaimed the $0.45 territory this week, bringing its November gains to 45%. On-chain analysis beams the spotlight on how the recent partnership with fashion giant Gucci has impacted market demand for SAND tokens. The Sandbox has flipped Axle Infinity to claim top spot as the most valuable project in the metaverse sector. Can the Gucci partnership spur more SAND price gains? Crypto whales have been spotted buying SAND aggressively since The Sandbox announced its latest partnership with Gucci on Nov. 8. The collaboration is set to allow The Sandbox gamers to explore decades of Gucci’s luxury fashion history and iconic designs through an immersive interactive journey” “Gucci Cosmos Land is a new way for fashion and history lovers alike to access the iconic London-based exhibition from anywhere in the world,” said Sebastien Borget, COO and co-founder of The Sandbox On-chain data has revealed that the SAND price rally that followed the announcement was largely driven by a group of strategic crypto whales. Between Nov. 11 and Nov.16, crypto whales (wallets holding 100,000 to 1 billion SAND) acquired a whopping 30 million SAND tokens. This buying frenzy took the whales’ cumulative balances from 749 million to 779.30 million within a week of the Gucci partnership with The Sandbox. The Sandbox (SAND) Whales’ Wallet Balances. Source: Santiment The newly-acquired 30 million tokens are worth approximately $13.2 million, when valued at the current market price of $0.44. This intense whale buying pressure has evidently put upward pressure on SAND price. The timing of the ongoing buying trend affirms that the partnership has spurred investor confidence in The Sandbox price prospects. As other strategic retail investors begin to mirror the whales’ trades, it could further propel SAND price closer to the $0.50 mark. Read more: Top 10 Metaverse Platforms To…
Filed under: News - @ November 16, 2023 3:14 pm