Its stunning performance in the last rally in the market highlights a popular metaverse coin project. Analysts say that the release of Game Maker 0.8 also contributed to this. Hence, this altcoin is attracting the attention of big Ethereum whales.
SAND enters Top 10 of Ethereum whales
cryptocoin.com As its readers know, Sandbox is one of the leading players in the metaverse and GameFi space. Its native token SAND is now falling prey to ETH whales as the altcoin rally enters its third week. According to CoinGecko, the token has gained 76% over the past two weeks. Ethereum whales are also fueling this fire and accumulating SAND. Thus, it includes crypto in the top 10 tokens bought in the last 24 hours. Whale-watching platform Whalestats shared this on its Twitter account:
The Sandbox (SAND) is among the top 10 tokens purchased among the 100 largest ETH whales in the last 24 hours.
Meanwhile, with the recent release of Game Maker 0.8, the Sandbox ecosystem is expected to continue to be the dominant player in the GameFi space.
More support from whales to metaverse coin project
The whale buying spree has effectively pushed up the price of SAND in the broader market. Looking at the charts, the token has increased by almost 80% in the last two weeks. This made the token test the $0.7540 price resistance level. Adding to the whale buying spree, the release of Game Maker 0.8 is definitely having an impact on the metavese coin. According to the development team’s Medium post, this upgrade brings features that have been requested by the community in the past.
According to experts, new multiplayer gaming features, new lighting and post-processing effects, and the addition of audio and video streaming to the platform will definitely draw more attention to the platform and the GameFi space. Platforms like The Sandbox will continue to grow in popularity as game companies realize the power of Web3 development.
Is the SAND on solid ground?
Crypto analyst Christian Encila seeks an answer to this question. At the time of writing, the token is changing hands at $0.7044. With significant support at $0.5015, this may be enough for SAND to sustain higher highs and higher lows. However, ETH whales should be careful. Because a break below the $0.6327 support will delay a possible break above $0.7540.
Bitcoin’s current strong momentum is also reflected by the token in the short to medium term. This means that SAND will see gains above $0.8626 if BTC, the world’s largest crypto asset by market cap, continues its significant climb to break the $21,500 resistance. Thus, SAND can erase the losses incurred when FTX crashes.
Such a breakthrough would trigger a larger rally. However, if the rally encounters resistance, investors and traders need to consolidate above $0.6327 to support more bullish moves in the coming days and weeks. Improvements in the macroeconomic situation will also help the price of SAND secure significant levels of consolidation. With inflation seemingly falling, the ecosystem and SAND will benefit from its high correlation with Bitcoin and Ethereum.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.