After having a rough week, the crypto market is finally surging with the help of One of the top metaverse-themed cryptocurrencies, The Sandbox.
The metaverse cryptocurrency has witnessed its all-time high of $7.24 yesterday and has gained 108% in the past week and 777% from the last month. Its price is approximately eight times higher than it was a month before when it was a stick at about $0.75.
Sandbox Current Market Value:
The Sandbox price trends at $8.1 USD with a 24-hour trading volume of $10,775,937,489.
The Sandbox is up 20.46% in the last 24 hours. The current CoinMarketCap ranking is #29, with a live market cap of $7,238,170,216.
Its circulating supply is 892,246,119 SAND coins and a max. supply of 3,000,000,000 SAND coins.
What Is SAND?
SAND is the token of Sandbox. The Sandbox is a blockchain-based virtual world developed by Pixowl, enabling people to build and explore universes.
It was basically a mobile and PC game, but Animoca Brands took it in August 2018 to be brought to the blockchain.
It has some similarities with Minecraft in that players use resources such as soil, water, lava, lightning, glass, and sand to build and communicate with others.
Players will find tasks, such as making a specific material using other resources. They can also save and upload their worlds to a public gallery.
Coin Market Cap says: “By combining the powers of decentralised autonomous organisations (DAO) and non-fungible tokens (NFTs), The Sandbox creates a decentralised platform for a thriving gaming community.”
Why Is The Sandbox Price Rising?
The bullish movement in SAND can be linked to a tweet by German sporting goods manufacturing company Adidas that looked to establish a connection between the two companies.
Adidas, which newly ventured into the metaverse with the launch of POAP, or evidence of attendance protocol, on its Adidas Confirmed app, tweeted on Tuesday about forming a so-called “adiVerse” in partnership with The Sandbox.
As reported by Crypto Twitter, Adidas seems to have bought a piece of land in The Sandbox’s metaverse.
Another reason for the SAND surge which is more than 600% since social media giant Facebook declared replacing its corporate name to Meta on October 29.
CEO Mark Zuckerberg also made several statements about the metaverse. This digital world enables humans to communicate as avatars, allowing people to serve, learn, shop, and play in virtual reality spaces without being actually there.
The token, SAND has also profited from the highly awaited play-to-earn metaverse event. Some of the profits can be attributed to Sandbox launching an Alpha hub, which will start on November 29 and last until December 20.
This is a great deal because this will enable users to enter its metaverse for the first time. Under the Alpha hub, just 5,000 passes will be made, and it is starting to raffle the first 1,000 to LANDowners this week.
Sandbox Price Prediction:
According to the recent surge, some may be questioning if Sandbox will gain further to reach $10 in the near future or if it will crash and drop.
To touch $10, Sandbox would have to grow by 49%. In the light of the current trends, it could be only a subject of when.
Mr. Rocket has praised Sandbox’s “vesting schedule” and remarked that it plans on following the footsteps of Minecraft by launching its virtual world to the consoles of PlayStation and Xbox.
If that occurs, he said: “We are very likely looking at at least a 5x or 10x from current levels by next year.“
Furthermore, some price experts have posted predictions.
For example, Coin Price Forecast observes Sandbox growing even further by the end of the year to $13.52. It then explodes past $64 at the end of 2026.
On the other hand, Wallet Investor is a little more conventional.
The cryptocurrency expert views Sandbox falling to $5.807 in a year but then growing to $13.305 in five years from now.
Make sure you are well informed that price predictions are subject to switch with more bullish or bearish trends.