Indeed, the overall crypto market has struggled because of the deteriorated broader financial space. Meantime, some digital tokens seem to have suffered the most. SAND’s outlook confirms it is among the most crashed coins amidst the dips of the previous few days.
The Metaverse tokens reacted to Jerome Powell’s hawkish comments during the Jackson Hole conference with a double-digit fall. That was about 24 hours after Powell commented about the monetary space. The alternative token declined to $0.9 from $1.04 within no time.
Look Before Leaping
Coinmarketcap data showed the digital gaming space coin changed hands near $0.9661 during this publication. Moreover, the network trading volume has lost approximately 48% within the past 24 hours, following a substantial network activity slump.
Assessing performance on the 24-hours chart displayed a disturbing token distribution rate. The alt exhibited massively oversold conditions during this publication.
And that had investors trimming their $SAND bags. Its RSI (Relative Strength Index) could not sustain its level beyond the midline, reading 29.
Moreover, SAND’s MFI (Money Flow Index) stood deep within the oversold region at 15. Meanwhile, the CMF (Chaikin Money Flow) marked a spot beneath the central line (0.0) at -0.23, highlighting an enormous selling superiority.
CoinGlass data shows more than 28,360 traders endured liquidations over the past day, bringing overall liquidations to $78.80M. SAND’s market lost $126,597 during that timeframe.
Here’s the Catch
Although SAND price noted a 7% loss within the previous week, the Sandbox ecosystem recorded surges in growth metrics in that period. That’s according to DappRadar data.
Sandbox’s user index grew by around 230% as 6210 new individuals joined the gaming network. Moreover, the blockchain processed 3830 transactions at that time. That indicated a 163% transaction surge within the past seven days.
Moreover, 7-day trading volume totaled $37.66M, meaning a 283% increase (DappRadar data). Meantime, the value of assets within Dapp’s smart contract grew by more than 90% over the past week to $101.58 million.
Though SAND powers the Sandbox ecosystem, the disparity between the altcoin’s performance and platform growth emerged due to the overall market downturn.
Moreover, the alt has a substantial positive correlation with Bitcoin. Only time will reveal SAND’s action as BTC has struggled since early this month.
Editorial credit: Ira Lichi / shutterstock.com
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