What’s new and interesting in the metaverse news world for Sandbox. In a matter of days, the price of the cryptocurrency affiliated with the well-known Metaverse project rose by 12 percent. The rise may be related to a whale’s recent $9.9 million transfer.
According to Sand’s daily chart, a strong short-term trendline is restraining the currency near local resistance levels as indicated by the 21-day moving average, which has served as a guide for the current rapid decrease.
A suspected @TheSandboxGame address transferred 21.6M $SAND ($9.9M) to #Binance 21 hrs ago.
— Lookonchain (@lookonchain) January 7, 2023
After that, the price of $SAND increased by ~12%.https://t.co/ZDGEMZXnxX pic.twitter.com/Bt1Pyqo9xp
In 2021, The Sandbox was one of the most popular metaverse and gamification projects on the market. It had millions of users and venture capital. Unfortunately, situations changed in 2022 when the GameFi, NFT, and DeFi industries ran into a change in monetary policy. This kept investors from taking risks and making investments that weren’t necessary. The ATH SAND that was reached in the past is a long way from where we are now.
But the return of whales and the addresses they use could be a big sign that the industry as a whole is getting better. GameFi has separated itself from the cryptocurrency business as a whole because the two industries are aimed at very different groups of people.
SAND is trading at $0.45. $9.9 million worth of tokens have been transferred to an undisclosed wallet that is currently at its initial destination and will likely be moved on Monday when market liquidity returns.
Since the cryptocurrency market has not experienced any significant changes since the beginning of the year, we will not see any significant alterations to the current market structure in the near future.
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