SAND whales get beached by a wave of sell pressure, but here’s something new
- SAND falls below its 200-day MA despite a surge in demand among whales.
- The Sandbox pushes into the list of most used smart contracts by ETH whales.
Metaverse projects have been relegated to the back seat now that WEB3 projects have taken the spotlight this month.
As such, projects like The Sandbox have struggled to maintain growth and capture investors’ attention. This was most evident in SAND’s performance.
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Most top cryptocurrencies managed to extend their upside beyond their January highs in February.
SAND’s price action only managed to push above its January high by a small margin. It delivered an overall bearish performance this week with the price dropping by almost 20% from its weekly high.
As a result, it slipped below its 200-day moving average and its press time price threatened to cross below the 50-day MA.
SAND extended its bearish price action despite a change of pace by the whales. The supply distribution metric reveals that whales started accumulating in the last 24 hours.
Addresses holding between 10,000 and 10 million SAND have been adding the coin back into their addresses in the last 24 hours.
So why did the price tank hard during the same period despite the incoming buying pressure?
Well, it turns out that there was also sell pressure coming from addresses holding over 10 million coins.
This suggests that the incoming sell pressure was enough to overcome the bullish volumes.
How many are 1,10,100 SANDs worth today?
SAND’s strong pullback in the last 24 hours reflects the overall crypto market conditions. A return of FUD triggered liquidity outflows from the crypto market which wiped out 3.3% from its market cap in the last 24 hours at press time.
Despite this outcome, The Sandbox still emerged as one of the top most used smart contracts by the top 1000 ETH whales. This means there was still healthy demand for SAND from a utility point of view.
JUST IN: $SAND @TheSandboxGame one of the MOST USED smart contracts among top 1000 #ETH whales in the last 24hrs🐳
We've also got $LINK, $SHIB, $AAVE & $MATIC on the list 👀
Whale leaderboard: https://t.co/jFn1zIOq03#SAND #whalestats #babywhale #BBW pic.twitter.com/XPaaAwzr6s
— WhaleStats (tracking crypto whales) (@WhaleStats) February 24, 2023
This surge in activity from ETH whales confirms that The Sandbox metaverse project is still able to command some attention and hence a flow of value. Also, the weighted sentiment for the last two days has been bullish despite the downside.
Furthermore, the sentiment suggests that analysts and investors anticipate a bullish recovery in the next few days despite the bearish pullback.
However, this is still subject to the overall crypto market conditions which may continue to push lower if FUD prevails.