On Friday, The Sandbox token (SAND) recorded a worth of $0.7241, in line with CoinMarketCap. The metaverse token gained momentum over the weekend, peaking at $0.879 earlier than returning to the $0.85 vary on Monday, recording a 23% surge.
Of the 23% achieve, The token elevated by 13% within the final 24 hours earlier than conventional markets opened. Apparently, The Sandbox’s every day buying and selling quantity skyrocketed, projecting a 160% achieve to $671.2 million on Monday.
The latest surge may very well be because of the U.S. Client Value Index (CPI) announcement, which helped the crypto market rally. The SAND token has carried out exceptionally because the begin of the yr, surging 221% to a excessive of $0.925.
Notably, most cash, together with Bitcoin, have carried out nicely because the yr’s begin. Whereas the elements behind the “unexpected” rally have but to be decided, one issue may very well be the hype surrounding the Synthetic Intelligence (AI) and Zero-Information (ZK) narrative.
Over the final week, Bitcoin’s (BTC) worth has visited the $25,000 vary a number of instances, permitting the bulls to regain confidence and pour their cash into altcoins. The latest surge may very well be correlated with the bulls searching for options.
Moreover, some customers on Twitter have additionally identified that SAND is forming a cup and deal with sample and is eyeing a breakout to problem a basic help stage at $0.925, this yr’s excessive.
The Sandbox crew has persistently shared constructive information and developments surrounding the undertaking, counteracting bearish markers. Final week, The Sandbox unlocked 12% of its whole token provide, amounting to 370 million SAND tokens value roughly $308 million.
Nevertheless, the token unlock occasion didn’t adversely influence the worth. It’s cheap to deduce the 23% improve may very well be correlated to the constructive information from the crew.
