Most cryptocurrency assets have recorded significant recoveries within the past 45 days, especially following June’s slump. Sandbox is among these projects. Nevertheless, the Metaverse asset’s performance within the past few days didn’t flourish, leaving most SAND investors quite restless.
SAND Not Making a Splash
This week ensured optimism for the crypto market following weeks of unpredictable fluctuations. That saw each crypto recording massive recoveries that canceled the plunges seen within the past few months.
While SAND surged about 66.84% from June lows, its latest appreciation has not been substantial and pegged the crypto at $1.34. Moreover, the altcoin swayed about 82% down from its ATH during this publication.
That has brought an environment of concerns for SAND holders, who seem to respond accordingly. That’s the case for long-term investors that boast substantial dominance over Sandbox’s supply. Meanwhile, SAND’s long-term holders’ (LTHs) addresses have soared from August 2021 to press time.
Nevertheless, they have decreased their SAND holdings by 11%. Meanwhile, they still control about 60% of total SAND in circulation. Meanwhile, the latest weeks have had this cohort losing patience too.
LTHs highly moved their assets in July only. That led to billion days of consumption following the investors’ tranquility. Meanwhile, these holders have consumed approximately 27 billion days.
That might have also been the impact of selling by the same individuals as SAND holders sold around 49 million Sandbox coins worth 465.17 million within 24hrs (early this month), though in losses.
Nevertheless, others have lost confidence in Sandbox besides the long-term holders. Unique LAND plot owners within the Metaverse have declined since 2022 started. For instance, their presence has dipped below 14,568 from 18,924 within the previous seven months.
While publishing this post, the same metric appeared on sustained declines again. Furthermore, SAND seemed to still deal with investor apprehension because of the absence of significant recoveries. That confirmed faded interest as the crypto market endured bloodbaths within the past few months.
What are your thoughts about the Metaverse and Sandbox’s performance? What should we expect? You can use the comment section below to leave a reply.
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