The Sandbox entered the top 100 ETH whales’ smart contract usage list in the previous 24 hours. But does this mean metaverse demand is rising? Get ready for more metaverse news related to the sandbox.
WhaleStats says that ETH whales have been paying more attention to The Sandbox in the last 24 hours. Why does this matter? This means that the network is getting a flow of value and maybe even a flow of people who want what it has to offer.
In a related story, The Sandbox released its real estate NFT sales data, which showed an impressive 180% growth from the previous year. During the same period, it also had sales of about $1.4 billion. The Sandbox’s land market cap was $167 million, making it the third largest after Decentraland and Otherside.
This has primarily happened during the bear market. Especially now that the crypto market has changed in favor of bulls, expectations are higher.
Perhaps the revived interest of ETH whales is a signal that it has already happened. The volume of The Sandbox’s NFT trades over the past six months shows a healthy performance.
Although land and other NFTs on SAND’s platform were popular, things weren’t so great in other ways. For example, in the last six months, its market cap has dropped sharply. This performance is more typical of how bad the market is as a whole.
Bulls do well in SAND, but what’s next?
The Sandbox’s market cap, on the other hand, has done well over the past three weeks. This is because the price of SAND has been going up since the beginning of this month. Since SAND’s 12-month low, it has gone up by almost 118%. It’s getting close to the 200-day MA, but it’s already been bought too much.
There are signs that the bull trend may be starting to lose strength. For instance, the supply held by the top addresses went up a bit at the beginning of this month, but it has gone down a lot since January 19. This suggests that the biggest investors, or “whales,” are getting out of the market after the recent rise.
Before that, the average age of coins had changed since the middle of the month, which showed that SAND was changing hands. Maybe SAND can sustain the run for a while longer, especially if positive events and organic demand can restore investor optimism. However, the rise may be short-lived, given that it is now hovering above the overbought level.
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