Sandbox price is up more than 15% today, making it the second biggest gainer on Crypto.com. As the most anticipated Metaverse project on the market, SAND has captured the interest of investors and is making great strides in the Metaverse crypto sector. Let’s take a closer look at Sandbox and its SAND token and see if there is a specific reason for the price hike today.
What is Sandbox
You’ve probably already heard of The Sandbox, as it is one of the most talked about Metaverse coins in crypto. The Sandbox is a blockchain-based Metaverse that will feature a unique open world where players can buy and build plots of land as they wish.
Sandbox has received investment from major companies such as Softbank, who invested $93 million in the project, and several major crypto platforms such as Binance, Coinmarketcap and more have bought plots of land in Sandbox in anticipation of its release.
Why is the price of sand rising?
One of the main reasons for the Sandbox price hike is the anticipation of the upcoming alpha release of their game on November 29th. There was a lot of hype surrounding the project, and seeing a working product next week definitely got investors excited.
Another big reason for SAND’s price hike recently, is a tweet from Adidas, hinting at a possible collaboration with The Sandbox.
The tweet says:
“adiVerse anyone? What should we build together at @TheSandboxGame?”
The tweet received more than 1,500 likes and 450 retweets.
A potential partnership with a major brand is the perfect catalyst for a bull run. Crypto is becoming more mainstream, with more and more popular brands joining the movement.
As more and more influential brands partner with leading crypto brands, we can expect the valuations of crypto markets to continue their astonishing climb.
In recent news, we’ve seen Death Row Records launch an NFT drop on Crypto.com, and Crypto.com’s $700 million purchase of the naming rights to the largest arena in Los Angeles.
It is great to see major brands open up to cryptocurrencies and begin to explore how blockchain technology can integrate and benefit from their products.
SAND is trading at $4.66 at the time of writing, with a 24-hour trading volume of $2.6 billion. Sandbox has a market capitalization of $4.1 billion, making it the 45th largest cryptocurrency in the market. There is a total of 3 billion sands available, with 892 million in circulation.
With a market capitalization half of its biggest competitor – Decentraland – there is a high potential for SAND’s price to double once the alpha release is launched on November 29. As Sandbox positions itself as a major competitor to Decentraland, it will be interesting to see how the SAND metaverse compares to MANA.
With a potentially great partnership with Adidas, Sandbox is a great long-term choice for 2022. Moreover, December is one of the most popular cryptocurrencies, which means SAND can still surprise us before the end of the year.
Disclosure: This is not business or investment advice. Always do your research before purchasing any cryptocurrency.
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