The Sandbox is an NFT metaverse that allows its players to play, build, own, and monetize their virtual experiences. Amid Facebook rebranded itself to Meta, the craze for metaverse is soaring. Simultaneously, The Sandbox also maintained a secure rally science then. SAND tokens, the native cryptocurrency of the metaverse, is a rapidly rising token. After the flagship cryptocurrency achieved a new high this year the crypto market continued to bleed, and Bitcoin lost more than 15%. However, SAND tokens saw the opposite trend and have been moving in the opposite direction. Although the rally is not as not great as its previous uptrend, analysts deemed that it is significantly secure for the investors.
The Sandbox rally is not born of FOMO
SAND tokens this week had pushed against the wider market trends. The Sandbox has managed to register a more than 87.7% of incline. Notably, such gains made a huge impact, as the token managed to cross the $4 mark. Surprisingly, the analysts observed that the rally of SAND is not born out of FOMO, as such FOMO investors faced losses after purchasing the hype.
According to experts, since the beginning of this week, SAND has been charting organically. Hence, the chances of 28% correction and a network-wide capitulation have become unlikely.
Whale dumping fears loom
The Sandbox has been considered as a whale token, as whales dominate 85% over all the token’s supply. Following the scenario, it is not surprising that the whale transactions averaged this week at $40 million, with peaking at $80 million on Friday. However, since non-retail transactions above $100,000 represent only 88% of the $546 million in volumes, the remaining $63 million are still due to the movement of inventors.
Observing aforementioned information experts believe that for any new investors, the fear of whale dumping will always spark over their heads. Furthermore, freshers in the market will likely join the network since social volumes and dominance are through the roof for the coin.
Bitcoin price rise could impact SAND
It is observed that parallel to the price of SAND, The Sandbox network is also continuously growing every day. However, although the price trend is bullish, its correlation to BTC is still negative at 0.5. According to analysts, the correlation with BTC will go down if the price of the flagship coin rises. Still, investors can keep an eye on the correlation indicators to observe when a price fall is incoming. Indeed, if the correlation rises to get positive at 1.0, The Sandbox tokens would be expected to follow the wider market trend as well.
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