Based on the Ethereum blockchain, the Sandbox is the third-largest metaverse on the chain. In this system, users can create, share, and monetize their virtual real estate assets and gaming experiences as Non-Fungible Tokens (NFTs). Virtual worlds allow people to play, build, and own their properties and in-game assets. Additionally, such assets can be sold for real-world fiat currency.
As a result of losing the critical and psychological support level of $1, The Sandbox scared a lot of its investors. With the market backing the altcoin, SAND was able to reclaim it. Despite its reclaim, it appears that the altcoin is once again at risk.
The Sandbox Coin Price Prediction as Token Loses 20% Value in One Week
Trading slightly above $1 became SAND’s new support level. As a result of the 60% rally, the June crash was invalidated, and it was trading at $1.3. In the last week, after declining by 20%, SAND traded at $1.01. As a result of SAND’s depreciation from $7.91, its all-time high from November 2021, more than 80% of its investors suffered losses. Further losses would result if the Metaverse token fell below $1 again. Additionally, investors may end up selling the token as a result of this.
SandBox’s Polygon Network Blockchain Deployment to Lower Gas Fees
In spite of the net exchange flows, the possibility seems bleak since SAND HODLers have been treating the crashes as dips. Therefore, investors have been buying what they consider to be a dip. Over 130 million SAND worth over $130 million have been bought back since the last major sale in February 2022.
While this maneuver might be based on the hope of a rally that may or may not happen, as long as SAND remains above $1, this sentiment will continue to dominate the market. Investors are also expected to remain optimistic because of the growing demand for the Metaverse.
Recently, The Sandbox was deployed on Polygon’s network to take advantage of the blockchain’s faster transaction speed and lower gas fees. In addition, Coinbase Wallet has been integrated with The Sandbox’s ecosystem to attract more users. As of now, these efforts have had no impact on the altcoin’s price or network growth. It might, however, prevent things from getting worse for this altcoin.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
