Sandbox (SAND): What Traders Should Know Before Washing Off This Metaverse Coin

Bears have seemingly dominated the marketplace over the past 20 days following July’s attractive surge that saw most digital coins experiencing new price heights. The leading crypto, Bitcoin, has lost approximately 9%. Also, Ethereum surrendered more than 3% since the month started.

Meanwhile, the downside didn’t spare Metaverse coins, with most of them posting double-digit plunges since early on the month. For instance, Sandbox has dropped 24% since August 1. The altcoin lost 22.13% over the past week alone (Coinmarketcap data).

Nothing Much to Look For

The token’s price plunge within the previous week saw trading activity dropping. Santiment’s data shows SAND’s trading volume declined by more than 25% over the past week.

While writing these lines, SAND traded at October 2021 price area, changing hands near $1.07. Coinmarketcap data shows the alternative token noted a mere 0.57% surge within the past 24 hours.

Furthermore, SAND experienced increased selling pressure over the past week. While publishing this blog, the RSI (Relative Strength Index) read 34. The indicator maintained downtrends, confirming the fading token accumulation. Also, Sandbox’s MFI (Money Flow Index) stood at 42 during this writing.

Before Washing Off SAND

Though price declines, on-chin stats show Sandbox’s network activity noted some traction within the past week. Addresses with balance hovered at 150,000 during this writing.

Meanwhile, IntoTheBlock’s data shows new wallets on the blockchain increased by 18.15%over the last seven days. Moreover, active addresses gained more than 35% in that timeframe.

Also, SAND’s daily transactions over the timeframe under review saw a 40% growth. The past seven days saw 1,560 Sandbox transactions per day. The increased network activity in SAND came from the traction registered in Sandbox’s gaming platform over the last week.

DappRadar data shows the digital gaming space saw 3,820 more users, indicating a 104% surge in the previous seven days. Also, the transaction count on the platform increased by more than 105%.

Though sales volume dipped by 0.04%, assets’ total volume in the gaming world noted a 55% surge. While publishing this post, the metric hovered at $107.11 million.

The Sandbox comprises 166,464 LANDS that investors can buy as non-fungible tokens (NFTs). NFTGo data shows LANDS NFT sales volume lost 4% over the past week. More, the NFT project saw its market cap sliding by 18% during that time.

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