Metaverse “Sandbox” reached the first position of the most used smart contract among the top 100 whales of the Ethereum network in the last 24 hours (January 21-22). Does this issue represent the increasing demand for this metaverse?
According to Valex and quoted by Ambcrypto, Metaverse Sandbox has been the focus of ETH whales for the past 24 hours. This issue indicates the entry of value flow into this metaverse and maybe even the influx of demand for its lands.
Metaverse Sandbox recently published the statistics of buying and selling land in different metaverses. According to these statistics, the market value of the top platforms has grown by 180% compared to last year.
Buying land in Metaverse Business has been profitable and has managed to attract the attention of investors. The volume of land buying and selling transactions in Metaverse in 2022 was about 1.4 billion dollars. The market value of sandbox lands is around 167 million dollars, which makes this platform the third best metaverse platform after Decentraland and Otherside.
All these gains occurred in a bear market. Now that the market is smelling better, the expectations from this category of platforms are even higher than before.
Perhaps the renewed interest of Ethereum whales in this platform is a sign of this story. The trading volume of Metaverse Sandbox NFT tokens in the last six months shows the health and proper condition of this protocol.
Although demand for Sandbox Lands and NFTs has been fairly consistent, this has not been the case for the SAND token. The market value of Sindh has fallen significantly in the last six months. The changes in the price of this token have been more consistent with the general realities of the bear market.
The condition of the market cap has improved since the beginning of the year. The SAND price is now 118% above its one-year low. The price of the bond is approaching its 200-day moving average, but the indicators show that it is overbought.
There are signs that the upward trend is weakening. For example, the index of ownership of whales from the total supply has fallen sharply since January 19, indicating that the group is selling whales and saving profits.
The average coin age index also decreased in the middle of the month, which indicates an increase in the amount of SAND hands. In other words, some investors decided to sell and save profits, although this did not result in significant money back.
Maybe the Sand token will manage to maintain its upward rally for a longer time if demand improves organically, but considering the current situation, it doesn’t seem like there is much time left to maintain this trend.
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