“How do I make it rain on the beach?” The CEO of the game company Sandbox asked.
“Well, we threw in some sand dollars.” said the fortune teller.
According to Arthur Madrid, CEO and co-founder of The Sandbox:
“Web3 technology is advancing rapidly and I believe Sandbox Uruguay will help onboard millions of users through its expertise in web design and user flows… Uruguay is a fantastic place to invest in technology and we Rethink the way we consume and own data through an open metaverse.”
Since its announcement on May 19th, The Sandbox’s native token, SAND, has risen 12% in intraday trading. In the last 24 hours, the tokens have fallen by just 1%. Also, let’s take a look at the token’s performance over the past two days.
Discovering Bullish Divergence
The SAND token was at $1.29 at press time after a 4% surge in price over the past two days. During the period under review, the token’s market cap showed a move from $1.51 billion to $1.58 billion.
Similarly, the trading volume of SAND tokens has surged by 151% in the last 24 hours. A surge in volume, coupled with a bullish move in price, indicates a cumulative increase in SAND holders over the past 24 hours.
MACD’s position on the price chart also showed increased buying pressure at the time of writing. As the MACD line broke above the trend line, the bulls attempted to push the SAND price higher.
Every coin has two sides…
Contrary to the aforementioned information that the token is making some progress, on-chain analysis shows that news of the acquisition within that time frame has little or no impact on the token’s performance.
On the social side, the announcement of the acquisition dramatically increased the social dominance of the SAND token. Over the past two days, the token has grown 312% in social dominance. However, an attempt to boost social volume on May 20 was followed by corrective measures that lowered the indicator index. Over the given two-day period, the token recorded an 18% growth in social volume.
Similarly, the token has seen a surge in the number of unique addresses trading SAND on a daily basis. After the acquisition, daily active addresses on the SAND network increased by 4%.
However, it appears that whales have accumulated less tokens following the news of the acquisition. For trades over $1M, volume decreased by 75%. Additionally, for trades over $100,000, the overall number of trades has decreased by 56% over the past two days.