- 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.
Data Source: CoinMarketCap.com
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.
Risk Disclosure: Trading in cryptocurrencies involves high risks, including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies, you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.