Sandbox’s SAND Leads Rally in Metaverse Tokens after Closing Series B Led by SoftBank

2021/11/03 04:16:40

The cryptocurrency September's dip was resolved on the very last day of the month, having a strong continuation on the first of October. During the following three weeks, the market moved strongly starting from $2.19 trillion to an all-time high of 2.743 trillion on Oct 21, a 25% move.

Bitcoin also made a new high of $67,000 on October 20, but it quickly started retracing since then, forcing the overall market to backtrack in what was seen as a profit-taking activity. Nonetheless, the overall market moved up slightly, driven by the strength of Ethereum and its much-awaited ETH 2.0 Altair upgrade. This bullishness pushed the second coin by market cap to its all-time high of $4,632 on Nov.1.

Facebook and Meta

Recent days had people speculating whether Facebook is carefully studying everything related to the metaverse, the vision of a virtual reality, which in the near future would serve to connect people from all over the globe in three-dimensional environments in which to share experiences in the private and professional realms. The vision of a new reality that Covid 19 seems to have stimulated. However, on Oct 28, Facebook’s Mark Zuckerberg in a 1-hour long video announced Facebook, Instagram, and WhatsApp's parent company will change its name to Meta.

"In the metaverse, you’ll be able to do almost anything you can imagine - get together with friends and family, work, learn, play, shop, create - as well as completely new experiences that don’t really fit how we think about computers or phones today," wrote Zuckerberg on Meta’s blog. Meta's vision is to promote this concept and be the company that creates the key products and tools for its development. Meta's goal is to transform its social-media business into a metaverse company.

The NFT-Metaverse Crypto Sector

The NFT-Metaverse game-related projects were blooming well before Zuckerberg showed his intentions publicly, with an average October growth of 200% for the top ten crypto projects. The latest data from KuCoin’s Metaverse Trading Board shows that Decentraland (MANA) leads the sector with a $3.63 billion market cap, followed by The Sandbox (SAND) with a $1.50 billion market cap.

Meta’s bold entry into the NFT-Metaverse sector has given a major boost to digital property in particular and also to the entire blockchain-based gaming sector and Metaverse-based projects, such as Decentraland (MANA), Axie Infinity (AXS), Enjin Coin (ENJ), The Sandbox (SAND), and Star Atlas (ATLAS), or thriving new projects such as Division Network (DVI), Metawars (MWAR), Vulcan Forged (PYR), or Three Kingdoms (TTK).

Decentraland: The Digital Real-Estate Business

NFTs brought digital property to the world and Decentraland(MANA) is the leader in the real estate boom that has erupted in 2021. MANA is the busiest marketplace for digital land and NFTs in the last few months, which makes it one of the most valuable projects in the crypto space.

Decentraland is a community-owned virtual world, built upon the Ethereum blockchain. It renders 90,000 parcels of land, measuring 16 x 16 meters or 52 x 52 feet. Each land parcel is an NFT token and can be customized using Decentraland’s easy-to-use builder, a tool similar to many building games like Sims.

It’s worth noting that after in-person meetings were made impracticable by the Covid-19 pandemic, last April, Decentraland hosted Blockdown, the famous crypto-conference, featuring popular figures of the crypto scene such as Charles Hoskinson, Kathleen Breitman, and Sergei Nazarov.

After Mark Zuckerberg's video announcement, MANA's price action began to fly over 11% in the first four hours of the US session, on a much stronger volume than usual, reaching a 23% increase at the end of the day, with a close at $0.9281. The next day, Friday 29, the volume more than doubled, closing at 1.3886 for a 49.65% movement. On Saturday MANA's volume reached a staggering $2Billion which is huge for a weekend session, and its price peaked at $4.70. a +238% movement. Sunday's volume grew slightly but MANA had reached extreme overbought levels and a corrective day was due.

MANA's Price Update

The 4H chart shows MANA's last bars creating a consolidation figure in the form of a bullish pennant. The Stochastics RSI shows it is currently in the 3 oversold level and ready to start the second leg of impulsive action. Also promising is the last 4H bar, which tries to climb above the highs of the previous bars.

The fundamentals of the sector are extremely bullish short- and mid-term, driven by Meta's aim to lead the Metaverse, and the traded volume showed increasing buying interest. Therefore, we can expect a test of the $4.7 highs. We look forward also to further targets of $6 and $9, $ 13, and $19 in the coming weeks, as its log length, which represents percentages, is similar to its first leg, from 0.7 to 4.7.

MANA should be viewed as a long-term project as well since the Metaverse is a growing sector, which at the moment is in its very early stages.

Decentraland 4-hour timeframe Price Chart on KuCoin | Source: MANA/USDT

The Sandbox price Action

The Sandbox metaverse is yet another compelling virtual land game based on Ethereum blockchain. The Sandbox is an evolution from two smash mobile apps: The Sandbox (2011) and The Sandbox Evolution (2016), which generated a combined 40 million downloads over iOS and Android. The recent $93M series B financing led by SoftBank further boosted its upside momentum. According to Sandbox’s press release, the virtual world now boasts$144 million in gross merchandise value, 500,000 registered wallets, and 12,000 unique land owners.

The Sandbox 4-hour timeframe Price Chart on KuCoin | Source: SAND/USDT

The Sandbox (SAND) has moved extremely well along with MANA. Last week, SAND moved up a hefty 97.97% mimicking MANA's price action, and at the time of this writing, it was up another 35%, showing even more bullishness than MANA. According to Fibonacci projections on KuCoin, Sandbox is likely to double its price soon, and reach over $5, possibly before the end of the month.

Stay tuned and watch the KuCoin Blog for the follow-up articles related to this topic. All the best!

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