Metaverse Token SAND Rallies 75% in Week to Turn into Prime 50 Cryptocurrency
Fashionable Metaverse token SAND catapulted into the highest fifty cryptocurrencies by market capitalization yesterday at quantity 35, after rising 76% within the final 7 days, in keeping with knowledge from CoinMarketCap.
SAND is the native utility token for an upcoming open-world blockchain sport referred to as The Sandbox, and it has been rallying for a complete month now; it even weathered a marketwide pandemic-related crash.
Tuesday’s announcement that Adidas has a plot of land reserved in The Sandbox contributed to a few of its development this week.
Whereas the token was briefly buying and selling for greater than a greenback again on the finish of August and early September, it didn’t maintain that worth stage for greater than per week.
Nevertheless, SAND crossed the $1 mark once more on October 29 this 12 months, a day after Fb rebranded to Meta as a part of its bid to nook the metaverse.
SAND has solely grown since then, to the purpose the place it instructions a worth of $6.90 on the time of writing. If we put its current efficiency within the wider context, that’s a rise of greater than 17,000% since New 12 months’s Day. Again then it was barely price 4 cents.
Tomorrow, The Sandbox opens its doorways to curious crypto followers and avid gamers for the very first time as Animoca alpha exams the sport for the following three weeks.
Beginning at 1PM UTC, each gamer can have entry to play three totally different multiplayer video games in The Sandbox. An additional 15 video games will likely be obtainable to the 5,000 fortunate winners of “Alpha Go” NFTs, which got as prizes during the last fortnight.
SAND’s worth typically rises and falls in tandem with one other metaverse token referred to as MANA. MANA is the native token for one more open-world sport referred to as Decentraland, which launched in February final 12 months. MANA suffered an in a single day lack of 4.5% at the moment as Bitcoin and Ethereum put up losses of round 10%, although it’s nonetheless up 22%.
After months of protection, the world will lastly peer into The Sandbox tomorrow. Little question there’ll be a number of surprises.
The views and opinions expressed by the writer are for informational functions solely and don’t represent monetary, funding, or different recommendation.