• Recent data suggests that a large address has moved around $250 million worth of SAND tokens, which could potentially cause a drop in its price.
• The Sandbox protocol has experienced decreased activity in terms of unique active wallets and transaction volume.
• The Sandbox is making new collaborations, such as with the fashion company Tommy Hilfiger, to make the protocol more attractive to its users.
Whales Swimming Away From SAND
Recent data from Santiment indicates that one major address has moved around $250 million worth of SAND tokens, which could potentially cause a drop in its price.
Decreased Activity on The Sandbox Protocol
The past few months have seen a decrease in both unique active wallets and transaction volume on The Sandbox protocol, according to DappRadar and Dune Analytics respectively. As such, the network’s trading activity had experienced a significant drop.
Making New Collaborations
The Sandbox is working on making the protocol more attractive to its users by making new collaborations; for instance, it recently announced an NFT collection collaboration with Tommy Hilfiger.
Lack of Interest From New Addresses
Despite the discounted prices of SAND tokens due to current market conditions, new addresses were not interested in buying them at press time. This was indicated by SAND’s decreasing network growth which suggested that activity from new addresses holding SAND had diminished.
Price Prediction 2023-2024
It remains unclear what effect this whale’s potential selloff will have on the price of SAND tokens over the next few years; however, given current market conditions it may be difficult for The Sandbox token to recover any losses incurred over this period.