- The Sandbox is among the early pioneers of the metaverse.
- SAND recently became the favorite crypto asset among top 100 whales.
The year 2022 was a “year of chaos” for the digital asset industry. Still, metaverse tokens somehow managed to stay afloat amid the severing waves trying to crush the cryptosphere. Data shows that, SAND, native asset of The Sandbox, increased by 115% in January 2023. Currently, it was trading at a market price of $0.7218, up by 1.95% in the past 24 hours.
A Closer Look at January
The company joined forces with Warner Music Group (WMG), a New York-based multinational record label representing artists like Ed Sheeran, Green Day and more. WMG announced a Spinning Record release party on the metaverse platform where they played World’s Biggest Demo Drops’ contest winners music during the event.
Moreover, the crypto asset became the most useful virtual currency among Top 100 crypto whales according to the crypto data aggregator WhaleStats. Currently, Shiba Inu (SHIB) remains the most traded token among crypto whales as well as biggest in terms of USD.
JUST IN: $SAND @TheSandboxGame once again a MOST USED smart contract among top 100 #ETH whales in 24hrs
Check the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#SAND #whalestats #babywhale #BBW pic.twitter.com/FABH9f6nbQ
— WhaleStats (tracking crypto whales) (@WhaleStats) January 21, 2023
The Sandbox revealed their Game Maker 0.8 update in January 2023. They introduced multiplayer gaming to make it more engaging. New lightning and visual effects were added to enhance user experience. Poor graphics is among the core reasons several players leave an ecosystem.
Metaverse has attracted some famous names in the past. Last year, The Sandbox collaborated with legendary skateboarder and The Skate Project founder, Tony Hawk. The announcement promised to develop the biggest virtual skatepark on the platform. In the same month, Playboy, a lifestyle and entertainment magazine, announced their MetaMansion project on the Play-to-Earn (P2E) game.
The Sandbox (SAND) Price Action
The token saw its price slashed by half during the last couple of months in 2022. In November, the crypto asset traded as high as $0.9860 before entering into a bearish momentum. Value remained in the overpriced zone during the first half of December before plunging to $0.3745 by the month’s end. RSI too, points towards an oversold zone.
SAND price has reached the overbought position according to the Regression channel, highlighting a potential rise in coming days. Meanwhile, awesome oscillator shows fading buyer dominance in the market, indicating the opposite. The token has tested $0.7011 level a couple of times in January 2023 already and is retesting it again in February 2023.
Currently, SAND holds a support level at $0.7011 and a resistance close to $0.803. Many big names are exploring opportunities in the evolving metaverse sector. The Sandbox has collaborated with leading industry players like Atari, Smurfs, The Walking Dead, Gemini and more in the past. Currently, the company is an early metaverse pioneer holding the potential to grow and become one of the biggest platforms in the sector.
Disclaimer
Any information provided in the article must not be consumed as investment advice.
Source: https://www.thecoinrepublic.com/2023/02/07/sand-price-analysis-why-the-sandbox-jumped-115-last-month/