The Crypto Sandbox continues to explode. Is it too late to buy?
Sandbox’s native token (CRYPTO: SAND) has grown over 600% since Facebook’s rebranding to Meta and 25% since Adidas appeared to confirm a partnership with it (in a tweet). But what is it? The Sandbox is an Ethereum-based blockchain project that allows users to play in a virtual world (much like Mindcraft), creating and exploring galaxies.
Previously, it was a mobile and PC game, but was acquired by Animoca Brands in August 2018 (and made part of the blockchain).
Players complete tasks, such as crafting certain material using other assets. They can also save their progress and put it on a public gallery (which is arguably where there is great potential for the world of NFTs to expand further).
There are various other similar projects and games, however, so what makes The Sandbox so special? After all, it’s not the only metaverse game with its own token. It is also not the only game that allows users to create and use NFTs or integrate them into a Marketplace.
This whole industry is booming, with new competitors popping up all the time. So we’re going to ask ourselves a second time: what makes The Sandbox the golden kid right now?
The reason The Sandbox is absorbing the lion’s share of investments right now is due to several factors (although all interested investors should be warned, as with any crypto this could change at any time in the future).
The first reason is that traction creates traction. Success breeds success and – currently – The Sandbox has a hell of a load of it. According to The motley fool, “At the beginning of November, he [The Sandbox] had over 500,000 registered portfolios and 12,000 virtual landowners on its platform.
“He was also able to raise $ 93 million in Series B funding and had prominent names such as Snoop Dogg to engage with the platform,” The motley fool recently reported. This sparked the interest of many people and made them wonder: is it too late to invest in The Sandbox’s native SAND token?
Is it too late to invest?
– gen4us.eth (@ gen4us1) 23 November 2021
Indeed, while other coins have seen withdrawals (see: Dogecoin, Shiba Inu, and even Bitcoin) lately, SAND has blocked many people’s crypto wallets as it continued to explode.
– sworn enemy (@nemesisogch) 22 November 2021
Because of this, as well as how quickly it has risen through the ranks, many people think The Sandbox is – albeit inherently risky, being a small crypto (compared to big hitters like Bitcoin and Ethereum) – a potentially lucrative investment that could have a lot more legs in it.
Counter reports: “The token [SAND] also benefited from the highly anticipated metaverse event, The Sandbox Alpha, scheduled for three weeks from November 29 to December 30.
Get ready for The Sandbox Alpha!
📅 Launch on November 29
🌍 Anyone can discover the Alpha hub and three experiences
🔷 5,000 Alpha passes giving access to content, NFT, and 1,000 SAND!
– The Sandbox (@TheSandboxGame) November 16, 2021
The motley fool reports: “Given the disproportionate interest in the metaverse space and the implications that blockchain-based metaverse games could have in this environment, this is a cryptocurrency that investors seem ready for. to jump. Of course, like all cryptocurrencies, there is a risk inherent in owning a digital asset that is inherently difficult to value. However, given the various catalysts that are pushing this cryptocurrency higher, it looks like there may be a long way to go for this one.
inews.fr recently wrote about the impact of Facebook CEO Mark Zuckerberg’s comments on The Sandbox, attributing it to some of its price spike.
Zuckerberg said at Facebook’s annual conference, “Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity to what we are building towards.
inews.fr wrote: “One of the most powerful companies in the world that places so much importance on the concept of the metaverse has sparked interest in platforms like The Sandbox and Decentraland. “
As for The Sandbox’s price prediction, it would be silly for anyone to make certain claims.
That said, CoinGape wrote on Tuesday, under the caption “Sandbox price analysis: Can the uptrend be sustained?” that “SAND is currently trading on a second bullish session and has formed an ascending channel on the daily chart.”
CoinGape also noted, “As long as the sandbox price stays within the bullish channel, its uptrend will be sustained. A close above the upper limit of the chart pattern at $ 5.54 will see SAND rise to uncover new prices above the $ 5.63 ATH.
CoinGape added, “However, the price action caused the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators to reach an extremely overbought level, suggesting that the uptrend may run out of steam, indicating a possible short-term correction. “
“Therefore, if SAND fails to find support at $ 4.98, it is far from looking for support from the middle limit of the ascending channel at $ 4.54. A fall below the median limit could trigger massive sell orders likely to pull Sandbox towards the lower limit of the channel at $ 3.52 or moving averages below it ”(CoinGape).
SAND is available on Binance, Upbit, Huobi, Uniswap, Kukoin, LCX, Bittrex, Lbank, Gemini, Indodax, crypto.com, Latoken, Bitmart, Liquid, MXC, Poloniex, Simplex, Tokyocrypto, Wazirx, Nbf, Bithumb and MAX.
At the time of this writing, SAND is trading at AUD 10.09, according to Coinbase, and increased by 96.51% in the last 7 days.
You should never invest more than you can afford to lose in any cryptocurrency, especially small and speculative ones like SAND.
Although well-known coins like Bitcoin and Ethereum have gained more and more acceptance in recent times, just over a month ago, ASIC give the permession for trading Bitcoin and Ethereum ETFs (as well as ASX first crypto-focused ETF – ENCRYPTION – launch), the world of individual cryptos like SAND is still a bit of a Wild West.
RELATED: The Safest Way to Invest in Crypto, For Those Who Dislike Risk
Investing in individual cryptos like SAND is inherently a much riskier business than investing in a legitimate crypto ETF or a more well-known coin like Bitcoin (and even these have a reputation for being volatile compared to your non-thematic ETFs. bread and butter on the ASX or S&P 500, which simply follow the traditional market index). If you want to play with fire, SAND could be a game-changer (for better or for worse).