Following a challenging week, the cryptocurrency market is currently experiencing significant growth, primarily driven by The Sandbox, one of the leading metaverse-themed cryptocurrencies.
SAND, previously relatively obscure in the world of cryptocurrency, has seen a remarkable increase in value.
The metaverse digital currency reached its peak at $7.24 yesterday, marking a 108% surge over the past week and an astonishing 777% rise over the last month. This surge has propelled its price to approximately eight times higher than its value a month ago, which was around $0.75.
Current Market Value of Sandbox:
The current value of Sandbox is trending at $8.1 USD with a 24-hour trading volume of $10,775,937,489.
Sandbox has experienced a 20.46% increase in the last 24 hours. As of now, it holds the #29 position on CoinMarketCap, with a live market cap of $7,238,170,216.
The circulating supply of Sandbox is 892,246,119 SAND coins, with a maximum supply of 3,000,000,000 SAND coins.
What Exactly Is SAND?
SAND is the digital token used within the Sandbox platform. The Sandbox, developed by Pixowl, is a virtual world based on blockchain technology that allows users to construct and explore diverse universes.
Initially, it was a mobile and PC game until Animoca Brands took it over in August 2018 to bring it into the blockchain realm.
Similar to Minecraft, players in this virtual world utilize resources such as soil, water, lava, glass, and sand to build and interact with others. Players can engage in tasks such as creating specific materials utilizing various resources, and they have the capability to store and share their virtual worlds in a public gallery.
According to Coin Market Cap, “By combining the capabilities of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs), The Sandbox establishes a decentralized platform for a thriving gaming community.”
Reasons Behind the Spike in Sandbox Price:
The upward momentum in the value of SAND could be attributed to a tweet from Adidas, the German sporting goods manufacturer, indicating a potential partnership with The Sandbox.
Adidas recently made its foray into the metaverse with the launch of POAP (proof of attendance protocol) on its Adidas Confirmed app and hinted at the creation of an “adiVerse” through a partnership with The Sandbox.
According to Crypto Twitter reports, it appears that Adidas has purchased a parcel of land within The Sandbox’s metaverse.
Another factor contributing to the rise in SAND value, which has increased by over 600%, is Facebook’s announcement to rebrand its corporate identity to Meta on October 29.
CEO Mark Zuckerberg’s public statements about the metaverse, a digital world where individuals can interact as avatars, engaging in various activities in virtual reality environments, have also impacted the rise of SAND’s value.
Additionally, the anticipated play-to-earn metaverse event has also played a role in SAND’s surge. A significant portion of this surge can be attributed to The Sandbox launching an Alpha hub, scheduled to commence on November 29 and conclude on December 20.
This is a significant development as it will allow users to enter this metaverse for the first time. Under the Alpha hub, only 5,000 passes will be issued, and the first 1,000 will be offered to LANDowners this week through a raffle system.
Prediction for Sandbox Price:
Considering the recent surge, some individuals may be questioning whether Sandbox will continue to appreciate and reach $10 in the near future or if a decline is anticipated.
For Sandbox to reach $10, it would need to grow by 49%. Given the current market trends, it may just be a matter of time.
Mr. Rocket has lauded Sandbox’s “vesting schedule” and suggested that it intends to follow in the footsteps of Minecraft by introducing its virtual world to PlayStation and Xbox gaming consoles.
If this were to materialize, he stated: “We are likely looking at a minimum of a 5x or 10x increase from the current levels by next year.”
Furthermore, various price experts have presented their predictions.
For instance, Coin Price Forecast anticipates further growth of Sandbox by the end of the year, reaching $13.52, and subsequently surging past $64 by the close of 2026.
In contrast, Wallet Investor presents a more conservative outlook. The cryptocurrency expert foresees Sandbox declining to $5.807 within a year, but then increasing to $13.305 after five years.
It’s important to note that price predictions are subject to change based on more bullish or bearish trends.
The reader might be curious to know more about the expected surge in the price of Sandbox. They might be interested in understanding the factors that could influence the price and the potential gains they could make. Additionally, they might be looking for insights or predictions from experts or analysts to make an informed decision about investing in Sandbox.