The Sandbox (SAND) Skyrockets 23% Over the Weekend: Here’s Why

The Sandbox (SAND) Skyrockets 23% Over the Weekend: Here’s Why

  • The Sandbox native token SAND price has increased by 23% since Friday, February 17th. 
  • The token price surged by 13% in one day. 
  • The metaverse has made several positive announcements that could correlate to the price increase. 

The bulls have come out to play in the sand, as The Sandbox’s (SAND) native token recorded significant gains over the weekend. The metaverse recently announced high-profile collaborations which could be connected to the weekend pump. 

Whether it’s the otakus, the Bitcoin maximalists, or the bulls, The Sandbox’s token (SAND) has been performing exceptionally well, countering bearish markers like token unlocks and gaining ground regardless.

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Who is in the SAND?

On Friday, The Sandbox token (SAND) recorded a price of $0.7241, according to CoinMarketCap. The metaverse token gained momentum over the weekend, peaking at $0.879 before returning to the $0.85 range on Monday, recording a 23% surge. 

Of the 23% gain, The token increased by 13% in the last 24 hours before traditional markets opened. Interestingly, The Sandbox’s daily trading volume skyrocketed, projecting a 160% gain to $671.2 million on Monday.

The recent surge could be due to the U.S. Consumer Price Index (CPI) announcement, which helped the crypto market rally. The SAND token has performed exceptionally since the start of the year, surging 221% to a high of $0.925. 

Notably, most coins, including Bitcoin, have performed well since the year’s start. While the factors behind the “unexpected” rally have yet to be determined, one factor could be the hype surrounding the Artificial Intelligence (AI) and Zero-Knowledge (ZK) narrative. 

Over the last week, Bitcoin’s (BTC) price has visited the $25,000 range multiple times, allowing the bulls to regain confidence and pour their money into altcoins. The recent surge could be correlated with the bulls looking for alternatives. 

Additionally, some users on Twitter have also pointed out that SAND is forming a cup and handle pattern and is eyeing a breakout to challenge a fundamental support level at $0.925, this year’s high. 

The Sandbox team has consistently shared positive news and developments surrounding the project, counteracting bearish markers. Last week, The Sandbox unlocked 12% of its total token supply, amounting to 370 million SAND tokens worth approximately $308 million. 

However, the token unlock event did not adversely impact the price. It’s reasonable to infer the 23% increase could be correlated to the positive news from the team. 

The Sandbox Recent Developments

The Sandbox made some major announcements last week. The most recent is a collaborative metaverse experience with Toei Animation. The legendary production company behind popular anime series like One Piece, Sailor Moon, and Dragon Ball Z will be transitioning into Web3 with the help of Minto and The Sandbox. 

Additionally, the metaverse also kickstarted the first LAND sale of this year in its new gaming-themed neighborhood, Voxel Madness. The new neighborhood will feature franchises like Cut the Rope, Invincible, Dungeon Siege, Habbo, and more. 

The developments could have affected the weekend price surge, spiking investor interest and confidence.

On the Flipside

  • The Sandbox announced an MOU partnership with the Saudi Arabian government a few days before the token unlock, leading to a 30% increase. Details of the agreement remain scarce. However, the news could have been a part of the metaverse’s strategy to counteract the high sell pressure.

Why You Should Care

The Sandbox is a metaverse space leader, as it continues to drive adoption with high-profile collaborations and agreements. The metaverse token surging connected to the stream of positive news could indicate a heightened interest in the entire space until the next potential bearish event. 

 

The Sandbox unlocked over $300 million worth of tokens. Read more:
Can The Sandbox (SAND) Keep Up After Valentine Token Unlock? Surges 30% After Saudi Metaverse Deal.

The Sandbox collaborates with legendary Japanese production company:
The Sandbox Celebrates Partnership with Dragon Ball and One Piece Animators in NFT Giveaway

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