SANDBOX assets and land value are currently at a new low; SAND price has declined 18% since last year.
Sandbox is a community driven platform where creators can monetize their in game assets and also their gaming experience. It is a blockchain based virtual world where one can create, build, buy and sell their assets in the form of non-fungible tokens (NFTs). The platform mainly focuses on user-generated content and creates a metaverse for the players who further contribute to the development of their community.
Source: Sandbox.game
SANDBOX has partnered with various big brands including Ubisoft and Warner Music. One can buy land on the Sandbox metaverse and can create games or turn into fun place. Let’s have a look at the current development of the SandBox platform
Does the Decline in Exchange Reserve Signal an Incoming SAND Bull Run?
The SandBox metaverse comprises 166,646 LANDS which can be bought using SAND tokens. LAND owners can even contest elections and vote in the metaverse governance. LAND value has been declining steadily for a long time. The cross-chain buyers of assets on SandBox has declined including Ethereum and Polygon and has been at around 64.
Source: Dune
If we look at the exchange reserve of the SAND tokens on centralized exchangess (CEXs), a decline of 15% can be observed. This may mark a bullish cue for the SAND token.
Source: Cryptoquant
Meanwhile, the total active address of the SANDBOX platform is currently stagnant and is near 560 as per the data provided by Cryptoquant. The number of active sending address has surged 1.36% in the last seven days. The total holders of the SAND token is currently near 212310 with a slight decrease in the last few days. Now let’s look at SAND’s price action.
Will the Stagnation Continue?
The Sandbox has a market cap of $974 Million and is ranked 83rd in the cryptoverse. Overall volume of the token is up 31% intraday. At press time, SAND price was $0.4299 with a drop of 19% since last year and a 1% drop intraday.
SAND token price is currently trading below the 50 and 100 EMAs with a negative crossover in the past. It is trading in the neutral zone below the crucial levels. The upside momentum of token price could halt near the value of $0.55. Meanwhile, the support of the asset price could bounce back from $0.3.
The RSI of the token price is in the neutral zone at 45 with no slope. The overall sentiment of the MACD and RSI is neutral.
Conclusion
The Sandbox is on the rise in terms of overall users and on-game transactions. The overall exchange reserve of the SAND token has declined which would explain a bull run. SAND is currently stagnating but could rise in the future as per analysts.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
