The whales are back as the cryptocurrency waters start to warm up. Meanwhile, The Sandbox (SAND), a popular metaverse coin project, has entered the whales’ radar. While the crypto whales carried $9.9 million worth of SAND tokens, they also pushed the metaverse coin price up.
Whales carry SAND
The price of the SAND token tied to the popular metaverse coin project has seen a 12% price increase in less than a few days. Thus, the metaverse coin has had a solid performance in the market recently. It is possible to attribute the increase to the last $9.9 million transfer made by crypto whales.
As you follow on Kriptokoin.com, The Sandbox (SAND) managed to attract millions of users and venture capital in 2021. Thus, it has become one of the most popular metaverse coin and GameFi projects on the market. Unfortunately, the situation changed in 2022 when the GameFi, NFT and DeFi industries faced a shifting monetary policy that distracted investors from unnecessary risks and investments. The situation we see today is far from the all-time high SAND has reached before.
However, the whales’ returning activity is important to cryptocurrencies on their radar. Thus, addresses associated with whales could be an important sign of recovery for the entire industry. GameFi has positioned itself away from the cryptocurrency industry in general, as the target audiences of both are quite different.
Metaverse coin price moves
Crypto analyst Arman Shirinyan looks at SAND’s daily chart and shares the following analysis. On the chart, we see a solid short-term trend that brings the token back to the local resistance level reflected in the 21-day moving average and serves as a guide for the sharp pullback we’ve seen over the past few months. The Metaverse coin is trading at $0.502 at press time, up about 11% on a daily basis, according to data from CoinMarketCap. SAND reached ATH at the end of November 2021 at $8.44. However, the altcoin has lost serious value from the harsh bear market of 2022. Currently, SAND is about 94% below ATH.
$9.9 million worth of tokens transferred to an anonymous wallet are currently pending in their initial destination. Also, it will likely go further on Monday after liquidity returns to the market. Overall, the cryptocurrency market has not seen any major changes since the beginning of the year. Therefore, in the short-term perspective, we will not see a major change in the current market composition.