The cryptocurrency market has recently seen a big change, with SAND Crypto, the token of the popular metaverse platform The Sandbox, rising sharply. On December 5, 2024, SAND Crypto jumped more than 40%, reaching a 28-month high of $1.06.
The Sandbox (SAND) has seen a remarkable surge in its value recently, marking a breakout from a multi-year lull. With the protocol’s ecosystem developments and a growing interest from whales, SAND has risen over 40%, hitting a 28-month high. As of December 5, 2024, SAND reached $1.06, pushing its market capitalization above $2.27 billion. This surge is impressive. It has attracted both individual and institutional investors.
Why is SAND Crypto Rising?
Several factors have caused the rise in SAND Crypto’s value. First, trading volume increased by 95% in just 24 hours. Over $4.1 billion worth of SAND was traded. This shows strong investor interest. The rise in trading volume and futures market activity suggests growing optimism in the market.
Open interest in SAND Crypto futures grew by almost 20%, reaching $228.58 million. This is a big jump from $32.39 million in early November, showing more speculative trading in SAND.
The rise in SAND Crypto happened at the same time as important announcements from The Sandbox. Two new proposals were introduced to improve the gaming experience. SIP 16 asks for €80,000 to develop Episode 2 of the popular game, Deep Sea. SIP 17 plans to add a player inventory filter to make the gameplay smoother.
The excitement around SAND Crypto’s rally is growing because of the ongoing Alpha Season 4 event. The event has a $2.5 million reward pool in SAND Crypto. Players earn rewards by completing quests and challenges. These activities are linked to popular brands like Playboy, Voice, and Hellboy. This is bringing more attention to SAND Crypto…
Whales Are Accumulating SAND Crypto
One of the most interesting parts of the SAND Crypto rally is the involvement of whales. Whales are large investors who can affect the market. Data from IntoTheBlock shows a big change in whale activity. At the start of December whales were selling, with $2.2 billion worth of SAND Crypto leaving their wallets. But by December 4, this trend reversed, and whales started buying, with $8.2 billion worth of SAND flowing in.
When whales buy SAND, it shows they trust the token. As whale activity grows, retail investors often follow. They fear missing out (FOMO). This increase in whale interest has helped push the price of SAND higher.
Despite the surge only about 50% of SAND holders are in profit. Many holders are still at a loss. Because of this, whales are less likely to sell soon. Many investors are waiting for more gains, so a big sell-off is unlikely.
Broader Impact on the Metaverse Sector
The rise in SAND is part of a bigger recovery in the metaverse sector, which had been struggling. In the last 24 hours, the market cap for metaverse cryptocurrencies grew by 5.29%, reaching over $30.68 billion. This recovery isn’t just about SAND. Other metaverse tokens, like Render (RNDR) and Stacks (STX), have also seen strong gains.
As more investors see the metaverse as a growing opportunity, the value of SAND Crypto and other related tokens is likely to keep rising. With new updates in The Sandbox, like new game features, partnerships with big brands, and community proposals, the future of SAND Crypto looks bright.
In conclusion, SAND Crypto has risen by 40%, reaching a 28-month high. This surge is driven by developments in its ecosystem and more whale activity. High trading volumes, important proposals from The Sandbox, and excitement around Alpha Season 4 have boosted interest in SAND. With whales buying tokens and the metaverse sector recovering, the future of SAND looks bright. It continues to be a key player in the growth of the metaverse.
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