The Sandbox price is up over 15% today making it the second biggest gainer on Crypto.com. As the most anticipated Metaverse project on the market, SAND has capture investors’ interest and is making big strides in crypto’s Metaverse sector. Let’s take a closer look at The Sandbox and its token SAND and see if there’s a specific reason as to why the price is rising today.
What Is The Sandbox
Chances are you’ve already heard about The Sandbox, as it’s 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 plots of land and build on them to their liking.
The Sandbox has received investments from major companies like Softbank, investing $93 million in the project, and many more major crypto platforms like Binance, Coinmarketcap, and more have bought plots of land on The Sandbox in anticipation of its release.
Why Is SAND Price Rising?
One of the main reasons that The Sandbox price is rising, is due to the anticipation of the upcoming alpha release of their game on November 29th. There’s been a lot of hype surrounding the project, and seeing a working product next week has definitely got investors excited.
Another big reason for SAND’s recent price hike, is a tweet from Adidas, hinting at a potential collaboration with The Sandbox.
The tweet states:
“adiVerse anyone? What should we build, together in @TheSandboxGame?”
The tweet received over 1500 likes and 450 retweets.
A potential partnership with a mainstream brand is the perfect catalyst for a bull run. Crypto is becoming more and more mainstream, with more iconic brands joining the movement.
As more and more influential brands establish partnerships with leading crypto brands, we can expect crypto markets’ valuations to continue their incredible rise.
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 LA’s largest arena.
It’s great to see major brands open up to crypto and begin exploring how blockchain-technology can integrate and benefit their products.
The Sandbox Tokenomics
SAND is trading at $4.66 at the time of writing, with a 24 hour trading volume of $2.6 billion. The Sandbox has a market cap of $4.1 billion, placing it as the top 45th largest cryptocurrency on the market. There are a total of 3 billion SAND available, with 892 million in circulation.
With a market cap half of its biggest competitor – Decentraland – there’s high potential for SAND to double in price once its alpha release is live on November 29th. Since The Sandbox sets itself up as the main competitor to Decentraland, it will be interesting to see how the SAND metaverse compares to MANA’s.
With a potential major partnership brewing with Adidas, The Sandbox makes for a great long-term pick for 2022. Moreover, December is one of crypto’s hottest months, which means SAND could still surprise us before the end of the year.
Disclosure: This is not trading or investment advice. Always do your own research before buying any cryptocurrency.