The Sandbox price has been in a strong bullish trend in the past few days. The SAND price has rocketed by more than 250% in the past seven days and brought its total market capitalization to more than $2.55 billion. It is now the 64th biggest cryptocurrency in the world. It is between BitTorrent and Stacks.
What is The Sandbox?
The Sandbox is a blockchain project that is in one of the fastest-growing industries in the world. It is a metaverse platform that allows people to play, create, and govern a virtual metaverse. The project has been supported by the likes of Snoop Dogg, South China Morning Post, Hell’s Kitchen, and Atari, among others.
The Sandbox is similar to other metaverse blockchain projects like Decentraland. For one, the virtual items that are created in the network are traded in form of non-fungible tokens (NFT). In this case, SAND is the native token for the ecosystem.
Therefore, the SAND price is surging because of the ongoing trend of metaverse. Last week, Facebook managed to change its holding company into Meta. And this week, Microsoft announced that it will start to offer metaverse solutions. Indeed, other similar cryptocurrencies like Decentraland and Axie Infinity have all surged.
The Sandbox price is also rallying after the developers raised $93 million from Softbank.
The Sandbox price prediction
The Sandbox price has surged recently. Indeed, its price has rallied by more than 1,825% from July this year. It has also rallied by more than 475% from its lowest level in October. Subsequently, the price remains above the 25-day and 50-day moving averages. Its MACD has surged to the highest level on record.
Therefore, for now, I suspect that the spectacular rally will take a breather as investors who have made money start taking profit. However, in the longer term, the price will likely resume the bullish trend.