ETH whales favour the Sandbox amidst year-over-year gains in NFT revenue. Despite being oversupplied, there is continued demand for SAND.
The Sandbox has recently entered the list of the top 100 ETH whales with the most use of smart contracts over the last 24 hours.
WhaleStats has revealed that The Sandbox has received increased interest from ETH whales in the preceding twenty-four hours.
In a related development, The Sandbox disclosed their real estate NFT sales statistics, which revealed a remarkable 180% year-over-year increase. It also recorded revenues of around $1.4 billion over the same time. The Sandbox’s land market capitalization reached $167 million, ranking it third after Decentraland and Otherside.
This has mostly occurred during the down market. Especially now that the crypto market has changed in favour of bulls, expectations are stronger.
Perhaps the revived interest in ETH whales is a sign that it has already occurred. The volume of The Sandbox’s NFT transactions over the last six months indicates a solid performance.
so far as land and other non-fungible tokens (NFTs) on SAND’s platform were concerned, demand was robust. However, the situation was less bright in other respects. For instance, its market capitalization has decreased significantly during the previous six months. This result is more indicative of the unfavourable market circumstances as a whole.
The market capitalization of Sandbox had a good comeback during the last three weeks. This indicates the recovery of SAND’s price movement since the beginning of the month. Currently, SAND is up around 118% from its 12-month low. It is nearing the 200-day moving average but is already overbought.
There are indications that we may soon see a possible bearish trend. For instance, the supply held by the top addresses increased somewhat at the beginning of this month but decreased significantly after January 19th.
Prior to it, the average mean coin age had shifted since the middle of the month, suggesting that SAND had changed hands. In other words, a greater number of investors were motivated to make gains, but this was insufficient to precipitate a significant decline.
Perhaps SAND can maintain the run for a bit longer, particularly if positive events and organic demand can restore investor optimism. However, the rise may be short-lived, given that it is now hanging above the overbought level.
