• The Sandbox [SAND] token has had a 55.41% uptick in the last 30 days.
• The direction of the token is largely dependent on Bitcoin’s [BTC] trend, with a 0.97 correlation between the two.
• The Sandbox has recently confirmed new partnerships and there has been increased circulation on the blockchain-based virtual platform.
The Sandbox has been on an unprecedented winning streak lately, with its token, SAND, becoming one of the best performers since the market exited the 2022 blood bath. According to Santiment’s mid-month January report, mid to low-cap assets like The Sandbox [SAND] could carry on with their exceptional performances if the broader market continued to produce green bars.
The report further acknowledged that it was unclear whether the market would continue the bullish run. The direction of the market would largely depend on Bitcoin’s [BTC] trend. As per data by IntoTheBlock, SAND had a 0.97 correlation with BTC at press time. Hence, there was a chance that the token aligned with Bitcoin’s momentum. Meanwhile, the Market Value to Realized Value (MVRV) ratio revealed that holders of the token had massively benefited from the SAND rally. At the time of writing, the 30-day MVRV ratio was 33.83%. Notably, the metric had surged to 38.61% on 15 January. It had, however, retraced a bit before skyrocketing to the current level.
On the part of its development activity, Santiment’s image below showed that The Sandbox was down to 0.95. Prior to the dump, development activity had increased to 2.07. Thus, questions could be raised about The Sandbox’s commitment to upgrading the network. However, a recent team collaboration may have brought an element of positivity to the uncertainty surrounding SAND. In a 17 January announcement, The Sandbox revealed that it had joined forces with Zilliqa, a high-throughput public blockchain.
The collaboration between the two entities was aimed at enabling developers to create games and digital assets on a secure and reliable blockchain. The project would also facilitate interoperability between different blockchains. As part of the partnership, The Sandbox would provide its users with access to Zilliqa’s safe and secure smart contracts. The Zilliqa team would also provide technical support for sandbox players.
The Sandbox also confirmed that it had inked a partnership with Matic Network. The partnership would enable developers to access the Matic Network and create games and digital assets on the Ethereum blockchain. This would further facilitate interoperability between different blockchains. Matic Network was also expected to provide technical support for sandbox players.
The Sandbox has certainly been making the right moves to build on its impressive success. With new partnerships and increased circulation on-chain, the blockchain-based virtual platform could be on the verge of another strong performance if the broader market avoided correction.