DappRadar data shows that activity on the metaverse-based platform The Sandbox [SAND] has dropped to its lowest level in the last 30 days. One of the most significant metaverse news is The Sandbox.
Users and Trades decline in The Sandbox
There were 58 daily transactions in the metaverse gaming world as of January 8th. In comparison to the 126 transactions that took place in the previous month, this was a reduction of 117%.
Data from DappRadar also showed that the number of weekly active users that visited The Sandbox during the period dropped by 24.9%, while transaction volume fell by a similar amount.
With only $6.44 million in sales over the past 30 days, The Sandbox saw a reduction in sales volume of 50 percent.
Remarkably, during this time, the total fiat value of assets held in The Sandbox’s smart contract climbed by 76%.
SAND enjoying a steady rise in 2023
SAND’s price rose by 37% so far this year, following the increase in the cryptocurrency market as a whole. CoinMarketCap data shows a 29% weekly increase in value for the metaverse-based cryptocurrency.
A jump in SAND network activity can be traced back to the beginning of this year, when the metaverse coin first saw a surge in demand. There has been an uptick in both the number of daily active and newly formed addresses in SAND since the beginning of the year, as seen by data from Santiment.
Open Interest in SAND, as measured by Coinglass, has been on the rise since the beginning of the year. SAND’s Open Interest has grown by 28% from the beginning of the year, reaching $55.43 million as of this writing.
An increase in Open Interest is a bullish indicator indicating new investors are entering the market and opening fresh positions in the underlying asset. It could also mean that current shareholders are buying more shares. A rise in open interest may also be an indicator of improved market liquidity.
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