Why is The Sandbox (SAND) crypto gaining attention?

By May 26, 2022The Sandbox
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Why is The Sandbox (SAND) crypto gaining attention?
Image source: © Moxumbic | Megapixl.com

Highlights:

  • Coinbase announced that it would allow inbound transfer and trading of the SAND token on its platform.
  • The SAND token returned over 11% gains in the last seven days.
  • The token trades on several exchanges like Uniswap (V2), Gate.io, etc.

The Sandbox (SAND) crypto grabbed investors’ attention on Thursday after its price and volume surged. The SAND token gained 7%, while its trading volume rocketed over 223% in the last 24 hours.

Let’s discuss the probable reasons that may have triggered its price rally.

What is The Sandbox (SAND) crypto?

Sandbox is a popular blockchain-based metaverse platform that allows users to create and trade digital assets in the form of a game. The project was founded by Pixowl and launched in 2011.

Its decentralized platform, with features for decentralized autonomous organizations (DAO) and NFTs, is gaining popularity within the gaming community.

According to its whitepaper, it aims to introduce blockchain technology into the mainstream gaming industry. The platform offers users a play-to-earn (P2E) model, enabling them to be creators and gamers simultaneously.

Sandbox taps the blockchain technology through its native utility token, SAND. The token is also used for transactions on the platform. It trades on several exchanges like Uniswap (V2), Gate.io, etc.

Why is it rising?

The SAND token gained traction after Coinbase on Wednesday announced that it would allow inbound transfer and trading of SAND in its platform from 9 am ET on May 26.

Additionally, on May 26, Sandbox announced that it has partnered with Hong Kong-based PCCW and its subsidiary HKT, making them the first communications, media, and technology (CMT) enterprises to join the metaverse space.

The Sandbox also announced a collaboration with Elvis On-Chain, aiming to build its brand recall value by leveraging the popularity of the rock & roll legend for its digital gameplan.

It is making Elvis’ avatars by partnering with Voxel Architects, providing an opportunity for the Elvis fans globally to meet and interact on the platform.

These developments may have triggered the SAND token’s price rally.

Bottom line:

The SAND token was priced at US$1.33 at 8:26 am ET on May 26, up 7.08%, while its volume for the last 24 hours skyrocketed 223.31% to US$1.08 billion. It has a market cap of US$1.63 billion, and its fully diluted market cap stays at US$3.99 billion.

The max and total supply of the token are 3 billion, and its current circulating supply is 1.23 billion. It returned gains of 11.31% in the last seven days while increasing 297.88% over the past 12 months.

It saw the highest price of US$2.57 and the lowest price of US$0.9708 in the last 30 days.

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