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SAND joins top 100 ETH whales’ most purchased tokens

The Sanndbox has been experiencing difficulty, therefore there is nearly daily metaverse news about it. The Sandbox’s native coin, SAND, has now entered the top 10 list of tokens most purchased by the top 100 ETH whales. This is what the most recent WhaleStats report indicates, and here’s why SAND holders should pay attention.

SAND joins top 100 ETH whales' most purchased tokens

If you’ve owned SAND from the beginning of January, you’re probably pleased with its performance since then. You may also be pleased to learn that the most recent WhaleStats warning revealed that, despite the current high price of SAND, its demand remains strong.

According to the release, ETH whales purchased enough SAND in the past 24 hours to place it in the top 10 most purchased cryptocurrencies.

Still digging SAND

Considering the current location of SAND, it is clear why this is a surprise observation. The coin was trading at $0.67 at the time of writing, which is 80% higher than its current monthly high.

However, it is now well into the “overbought” zone on the RSI and has risen far over the 50-day moving average.

SAND joins top 100 ETH whales' most purchased tokens

Refering to the fact that the market is overbought, there should be greater selling pressure, but WhaleStats has not noticed this. This may explain why pessimistic attempts have been so ineffectual thus far. The distribution of supply metric demonstrates that whales are buyers.

Over the past three days, addresses holding more than 10 million SAND have significantly increased their holdings. At the time of writing, 13.87 percent of all whales belonged to this category, making it the second largest.

SAND joins top 100 ETH whales' most purchased tokens

Nonetheless, there are several categories that are selling well. This is especially true for individuals with SAND between one million and ten million and between ten thousand and one hundred thousand.

Several further measurements indicate that the bulls may not be powerful enough to prevail. This includes the fact that The Sandbox’s network has expanded positively in recent days. When this was written, network expansion was at a weekly peak.

This increase in network addresses was supported by the increase in daily active addresses. Also, the average age of coins has increased significantly during the past several days. This indicates that the majority of the SAND created throughout the prior few days has not yet shifted.

The above-mentioned SAND arguments appear as though they could lure short sellers into a trap. If there is insufficient selling pressure and ETH whales continue to buy, the price may have further room to rise.

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About MahKa

SAND joins top 100 ETH whales' most purchased tokensMahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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