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The Sandbox’s utility token is one of the worst-performing tokens in the current market cycle.
SAND has traded below $0.35 for four consecutive weeks.
As a seasoned researcher with years of experience navigating the tumultuous crypto markets, I find myself both intrigued and concerned by The Sandbox’s current market performance. The consistent underperformance of SAND, especially against heavyweights like Bitcoin [BTC] and Ethereum [ETH], is a stark contrast to the excitement generated by its partnership with SS Napoli.
On the 14th of August, Bitcoin [BTC] along with many other altcoins experienced modest increases in value following the publication of the U.S. Bureau of Labor Statistics’ July Consumer Price Index (CPI) data, which surpassed expectations.
Initially, crypto prices surged due to some reasons, but they soon changed direction, wiping out the day’s profits before the market closed, after it was reported that the U.S. government transferred around 10,000 Bitcoin to a Coinbase account.
The news induced fears of a market dump, triggering a sell-off.
On the 15th of August, I observed a continuation of losses in my analysis as the values of prominent cryptocurrencies such as Ethereum [ETH] dipped once more during trading.
In simple terms, the value of Sandbox (SAND) coin dropped along with other digital currencies, making it two days in a row with a decline indicated by a “red candle” on charts. Moreover, market analysis indicates that SAND has been underperforming among cryptocurrency tokens during this recent period.
In contrast to Bitcoin and Ethereum, which have seen impressive growth of 250% and 116% respectively since the beginning of 2023, the metaverse token has experienced a significant loss of 37%.
SSC Napoli’s metaverse partnership
In the current week, Napoli Football Club from Serie A revealed a joint venture with The Sandbox. This partnership designates The Sandbox as Napoli’s preferred Web3 platform, paving the way for their entrance into the virtual world of the metaverse.
As a crypto enthusiast, I’m excited about the prospect of an Italian professional club developing a virtual hub within The Sandbox platform. This digital environment aims to bridge the gap between their global players and fans, creating a unique and immersive experience for us all.
The venture will offer fans immersive experiences, digital memorabilia, and virtual interaction.
The Sandbox COO and co-founder, Sebastien Borget, said,
“The Sandbox is transforming into an exceptional spot by offering a fresh dimension of entertainment and shared experiences through sports. Here, fans can forge connections, revel in their passion with like-minded enthusiasts, and interact dynamically with their beloved teams in a deeply engaging environment.”
For The Sandbox, this partnership serves as a valuable asset, bolstering its influence within the sports industry, thereby inviting more individuals to engage with its platform.
Additionally, it broadens the range of user experiences and enriches the variety of content within The Sandbox, further solidifying its status as a significant contender in the realm of the metaverse.
How is SAND faring?
On August 13th amidst rapid advancements, SAND‘s value peaked at $0.27, holding strong on the 14th August, only to subsequently fall and reach $0.25 by the end of that day.
The SAND/USDT pair ranged around this midweek low before attempting to retake $0.26 on Thursday.
Over the recent market movement, SAND significantly dropped to $0.24. This decline occurred as we approached Friday. From a broader perspective, the SAND/USDT pair has been trading under $0.35 for five consecutive weeks now.
At the current moment, SAND can be found trading below its short-term, medium-term, and long-term Exponential Moving Averages (EMAs) as observed on the 1-hour, 4-hour, and daily charts.
Realistic or not, here’s SAND market cap in BTC’s terms
On the 5th of August, the token experienced a significant drop, falling beneath $0.23 for the first time since June 2021, marking a new depth in its losses.
So far this year, the value of SAND has decreased by approximately 58%, and currently, it’s priced nearly 97% lower than its all-time peak.
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2024-08-16 11:47