The Sandbox (SAND) Price Dips to All-Time Low as Binance Discontinues NFT Staking
The price of The Sandbox (SAND) cryptocurrency has reached a new all-time low of $0.29 due to bearish trends in the metaverse market. On September 8, Binance announced that it would no longer support The Sandbox NFT Staking program, which further contributed to the downward trend. This news caused whale investors in The Sandbox to sell off their holdings, resulting in a decrease in the total number of SAND tokens held by these investors.
Sandbox Whales Sell $2M Worth of Tokens in 5 Days
Following Binance’s delisting announcement, whale investors in The Sandbox started selling their tokens instead of buying more. On-chain data shows that these investors, who hold between 1 million and 10 million SAND tokens, have sold off a total of 7.3 million SAND tokens since September 8. This selling activity by the whales can have a significant impact on the SAND market due to their substantial holdings.
No New Demand for SAND Despite Low Prices
Despite the extremely low price of $0.29, The Sandbox has not seen a significant increase in new demand. Network growth data shows that only 146 new wallet addresses were created on the Sandbox network as of September 13, a decline from the previous month. With the discontinuation of The Sandbox NFT Staking program by Binance, it is likely that new investors will find The Sandbox less attractive.
SAND Price Prediction: $0.10 is the Next Support Line
Considering the weak market demand and the lack of new buyers, it is predicted that The Sandbox price will continue to decline and could reach $0.10 in the coming weeks. On-chain data also supports this prediction, showing that there is no significant support for the SAND price until it reaches $0.10. However, if the price manages to rebound above $0.50, there is a possibility of a bullish comeback.
Hot Take: The Future of The Sandbox Looks Bleak
The current bearish trends in The Sandbox market, coupled with the discontinuation of NFT Staking and the lack of new demand, paint a bleak picture for the future of The Sandbox. Unless there is a significant change in market conditions or investor sentiment, it is likely that the SAND price will continue to decline in the coming weeks.
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