As stated in Santiment’s January mid-month analysis, low- and mid-cap assets such as The Sandbox [SAND] have a good chance of continuing to do well if the market as a whole continues to make green bars.
The token for the blockchain-based virtual platform has been one of the strongest performers since the market recovered from the 2022 disaster. SAND’s value increased by 55.41 percent in the past 30 days. In either case, would the token be able to keep up?
The growth of the Sandbox
According to the analysis, it was unclear whether or not the market would continue its upward trend. Foremost, Bitcoin’s [BTC] trajectory will determine the market’s trajectory. IntoTheBlock statistics showed that the value of SAND was 0.97 times that of BTC at the time of publication. This meant that the token’s value might follow Bitcoin’s.
Conversely, as seen by the Market Value to Realized Value (MVRV) ratio, token holders profited handsomely from the SAND rise. At the time this was published, the MVRV ratio during the prior 30 days was 33.83%.
A significant increase occurred on January 15 when the figure reached 38.61%. But it had dropped for a while before spiking to its current level.
The development work on The Sandbox resulted in a reduction to version 0.95, as seen in the image below from Santiment. The number of construction endeavors had reached 2.07 just before the landfill. As a result, some may doubt The Sandbox’s sincerity in improving the system.
where will The Sandbox go next?
The future of SAND remains unclear, but a recent group effort may have brought some encouraging data to light. On January 17, The Sandbox announced in a Medium article that it was collaborating with Metaviva and mm2Entertainment to create a gaming metaverse for the blockchain.
The Sandbox verified that working with MetaViva LAND will lead to novel experiences being developed. These were the words of the message:
The 66 voxel piece of LAND that Metaviva and mm2 will possess will allow them to provide players with engaging experiences that are based on real-world stuff.
Traders who had previously engaged with SAND NFTs, according to Santiment, did not do so after the announcement. The total value of NFT transactions as of this writing was $244,000. In addition, adoption of SAND has been quite uniform.
When the paper went to press, it had already sold 55.89 million copies over the course of seven days. There was no possibility of short-term selling pressure because the circulation increase had not yet reached its peak.
If SAND maintained its position as of publication, it would be able to continue lending support to greens so long as market sentiment remained unchanged.
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