The last 20 days have been particularly bearish especially after July’s impressive run that sent many cryptocurrency assets logging new price highs. The leading coin, Bitcoin [BTC], has declined by 9%. Ethereum [ETH] has also dropped by 3% since the beginning of the month. Metaverse tokens have not been spared, as many have posted double-digit losses since the beginning of this month. Amongst them is Sandbox [SAND], which has dropped by 24% since 1 August. In the past seven days alone, the token declined by 22.13%, data from CoinMarketCap showed.
Not much to look forward to here
As the token’s price fell in the last week, trading activity on the network also declined. Per data from Santiment, trading volume for SAND had gone down by over 25% in the last week.
Currently trading at its October 2021 level, SAND exchanged hands at $1.07 as of this writing. Per data from CoinMarketCap, the price of the leading metaverse token had only grown by 0.57% in the last 24 hours.
In addition, selling pressure rallied for the SAND token in the last week. At the time of writing, the Relative Strength Index (RSI) stood at 34. Also spotted in a downtrend and signifying waning token accumulation, SAND’s Money Flow Index (MFI) was 42 at the time of writing.
Before you wash off SAND
Despite logging a decline on a price front, on-chain data revealed that SAND’s network activity made some traction in the last seven days. The total addresses with balance on the SAND network stood at 150,000 addresses at press time. According to data from IntotheBlock, new addresses on the network grew by 18.15% in the past seven days. Also, active addresses rose by over 35% within the same period.
Further, the number of SAND transactions completed daily within the period under review also grew by 40%. On average, 1,560 SAND transactions were completed daily in the past seven days.
The growth in SAND’s network activity is attributable to the traction recorded within Sandbox’s gaming ecosystem in the last week. According to data from DappRadar, the virtual gaming world logged an additional 3,820 users, representing a 104% uptick in the past seven days. Also, the total number of transactions executed on the platform grew by over 105%. Although sales volume dropped by 0.04%, the total value of assets held within the virtual gaming world grew by 55%. As of this writing, this stood by $107.11 million.
The Sandbox metaverse comprises a map of 166,464 LANDS that can be sold as NFTs. According to data from NFTGo, sales volume for LANDS NFTs dropped by 4% in the last seven days. In addition, the market capitalization of the NFT project had decreased by 18% within the same period.