SAND Price is at Risk as Sandbox Active Users Plunge
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SAND Price is at Risk as Sandbox Active Users Plunge

Crispus Nyaga
Crispus Nyaga
25th May 2023
  • SAND price jumped after the developers partnered with BBC.
  • The partnership will bring popular content like TopGear and Doctor Who to the metaverse.
  • The token will likely have a bearish breakout and retest the YTD low.

The Sandbox crypto price has been in a strong bearish trend as concerns about the gaming sector continues. SAND was trading at $0.5200, which is about 35% below the highest level this year. Like GALA and Decentraland MANA, SAND has plunged by more than 93% from the highest level on record.

Latest Sandbox news

The Sandbox is a leading blockchain project that is in the gaming and non-fungible token industry. The platform makes it possible for people to play virtual games and even own property in the metaverse. At its peak, people were spending millions of dollars for virtual land in its ecosystem.

The Sandbox has made several important statements in the past few days. The most important announcement came on Thursday when the developers partnered with BBC Studios and Reality+. This partnership will see BBC roll out popular content like Top Gear and Doctor Who in Sandbox’s ecosystem.

Reality+, which is a leading agency, will work with BBC to make this dream a reality by using its expertise across several Web3 activities. In a statement, Nicki Sheard of BBC wrote that:

“While the metaverse is still in its infancy, it may shape how we consume and experience entertainment in the future and I’m looking forward to seeing how fans interact with our brands in this space.”

BBC joins several other large companies that have joined Sandbox’s metaverse. Some of these companies are Adidas, Gucci, Tony Hawk, and Smurfs.

Read more: How to buy SAND.

Still, the challenge is that the number of people still interested in the metaverse is dropping. Data compiled by DappRadar shows that the number of unique active wallets (UAW) in the ecosystem dropped by 25% in the past 30 days to slightly above 5k. The number of transactions in the ecosystem dropped by 444% to over 2.46k.

This happened even as The Sandbox carries out the May Festival, which is a month’s long party wit adventures and fun activities.

SAND price prediction

The daily chart shows that The Sandbox price has been in a strong bearish trend in the past few months. In all, the token has crashed by more than 93% from the highest level on record. Most recently, SAND remains below the descending trendline shown in black. It has moved below the 50-day exponential moving average. Most importantly, the SAND token is hovering near the lowest level on March 9.

Therefore, I believe that the token will have a bearish breakout in the coming days as sellers target the next key support level at $0.3725, the lowest point on December 31st.

Author Bio
Crispus Nyaga
Crispus Nyaga
Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.