With a 12% price increase in less than a few days, the price of the SAND cryptocurrency, which is linked to the well-known metaverse project, has recently displayed strong market performance. The increase may be related to a $9.9 million transfer that whales made recently. The 21-day moving average, which served as a guideline for the dramatic drop we have been witnessing in recent months, is represented in the daily chart of SAND and shows a strong short-term trend that puts the token back at the local resistance level.
A suspected @TheSandboxGame address transferred 21.6M $SAND ($9.9M) to #Binance 21 hrs ago.
— Lookonchain (@lookonchain) January 7, 2023
After that, the price of $SAND increased by ~12%.https://t.co/ZDGEMZXnxX pic.twitter.com/Bt1Pyqo9xp
With the help of millions of users and venture cash, Sandbox rose to prominence in 2021 as one of the most well-liked GameFi and metaverse ventures available. Unfortunately, things changed in 2022 when the game, fintech, and defi industries discovered a new monetary policy that discouraged investors from taking unneeded risks and making unwise investments. The state of affairs that we are currently in is very different from the prior ATH SAND.
However, the resumption of whale activity and the addresses linked to it could be a significant indicator of industry resurgence. Due to the stark differences in their respective target audiences, GameFi has chosen to distance itself from the bitcoin sector as a whole.
SAND is trading at $0.45 as of this writing. Tokens moved to an anonymous wallet for $9.9 million are currently at their initial location and are likely to rise further on Monday once market liquidity has returned.
Since the cryptocurrency market hasn't changed significantly since the start of the year, we shouldn't expect to see significant changes in the market's composition very soon.
