Altcoins

This coin continues losing streak despite Snoop Dogg’s upcoming NFTs

The Metaverse akin to The Sandbox and Decentraland and NFTs’ rising demand is reaching the purpose the place each celeb, each firm desires to be part of it.

Not solely are they getting used as a technique of accelerating their attain throughout the group, however they’re additionally turning right into a advertising instrument, greedy the eye of the mainstream audiences.

Snoop Dogg joins The Sandbox

One of many greatest names within the music business Snoop Dogg lately introduced his first-ever avatars arriving on The Sandbox. These 10,000 avatars are to be launched on 22 February and the announcement got here lower than two days in the past.

It’s normally anticipated that information like this one will push SAND upwards. Nonetheless, really, SAND was transferring within the precise wrong way.

Not solely did it submit three crimson candles in a row, however the dip was additionally enormous sufficient to position The Sandbox atop the very best losers amongst the highest 100 cryptocurrencies. Within the final 72 hours, SAND managed to come back down by 18.55% to commerce at $3.62, additional including to February’s fall of 25.22%.

The Sandbox has misplaced 25% within the final 10 days | Supply: TradingView – AMBCrypto

This has additional added to the continued loss within the rely of buyers who had believed within the token. With over 62.75% of buyers distant from witnessing any income, these buyers are literally in a a lot worse state than their competitor Decentraland’s buyers.

Nonetheless, on-chain pockets comparability signifies that whereas solely 78% of Sandbox wallets are in revenue, 92.9% of Decentraland’s wallets are in income.

The Sandbox vs Decentralands wallets in revenue | Supply: Dune – AMBCrypto

However probably the most losses are being witnessed by 5.91k highers. These addresses purchased their holdings round 20% of the $7.4 all-time excessive which makes them solely prone to additional losses ought to the value drop once more.

Nonetheless, The Sandbox’s situation may not be as huge a matter of concern since nearly 85% of the SAND provide is dominated by whales. Cumulatively these 10 whales occupy over 2.55 billion SAND.

The Sandbox has an 84% whale domination | Supply: Intotheblock – AMBCrypto

Moreover, 65% of all addresses are literally HODLers having held their SAND for a interval of greater than 1 12 months.

Distribution of SAND holders | Supply: Intotheblock – AMBCrypto

Thus, being long-term gamers, these whales and the tiny sliver of buyers may not have to fret a lot concerning the worth motion. Primarily, as a result of the growing hype of The Sandbox would possibly finally drive the token again up.



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