• ETH whales favor The Sandbox amid favorable YOY NFT income progress.
  • SAND experiences prolonged demand regardless of being overbought.

The Sandbox simply earned its method into the listing of most used sensible contracts among the many prime 100 ETH whales within the final 24 hours. However is that this an indicator that the metaverse community is experiencing extra demand?

Is your portfolio inexperienced? Take a look at the Sandbox Profit Calculator

WhaleStats has confirmed that The Sandbox obtained further consideration from ETH whales within the final 24 hours. Why is that this vital? This end result means that the community is experiencing a circulate of worth and maybe even an inflow in demand for its choices.

On a associated observe, The Sandbox additionally launched its actual property NFT gross sales information revealing a powerful 180% year-over-year progress. It additionally reported roughly $1.4 billion in gross sales throughout the identical interval. The Sandbox’s land market cap got here in at $167 million, making it the third largest after Decentraland and Otherside.

This has all taken place largely in the course of the bear market. Expectations are larger particularly now that the crypto market has shifted gears in favor of the bulls.

Maybe the renewed curiosity from ETH whales is an indicator that it’s already occurring. An summary of The Sandbox’s NFT trades volumes confirms a wholesome efficiency within the final six months.

The Sandbox NFT trades volume

Supply: Santiment

Whereas SAND loved wholesome demand so far as land and different NFTs on its platform are involved, it was not all rosy in different areas. For instance, its market cap dropped off sharply previously six months. This efficiency is extra consultant of the general bearish market circumstances.

The Sandbox market cap

Supply: Santiment

Practical or not, right here’s The Sandbox’s market cap in BTC’s terms

Bulls are robust in SAND however what lies forward?

The Sandbox’s market cap has, nevertheless, loved a wholesome restoration within the final three weeks. This displays on SAND’s price action which has been recovering for the reason that begin of this month. SAND is presently up by nearly 118% from its present 12-month low. It’s now approaching the 200-day MA however is already overbought.

SAND price action

Supply: TradingView

There are indicators suggesting that we might begin witnessing potential bull pattern weak spot. For instance, the provision held by prime addresses noticed a little bit of a surge firstly of this month, but it surely dropped off sharply since 19 January. This means that the highest addresses or whales are cashing out after the current rally.

SAND mean coin age and supply held by top addresses

Supply: Santiment

Previous to that, the imply coin age pivoted since mid-month, indicating that SAND was altering palms. In different phrases, extra traders had been tempted to take earnings, however this was not sufficient to set off a large pullback.

Maybe SAND can maintain the rally for some time longer particularly if wholesome developments and natural demand can replenish favorable sentiment. Nonetheless, the rally might not final lengthy particularly now that it’s hovering above the overbought vary.

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