The past 20 days have been particularly bearish, especially after the impressive July rush that sent many cryptocurrency assets to record new price highs. The main currency, Bitcoin [BTC], decreased by 9%. Ethereum [ETH] it also fell 3% since the beginning of the month. Metaverse tokens were not spared, as many have experienced double-digit losses since the beginning of this month. Among them is Sandbox [SAND], which is down 24% since August 1. In the past seven days alone, the token has fallen by 22.13%, data from CoinMarketCap shown.
There isn’t much to expect here
As the token price has dropped over the past week, trading activity on the network has also decreased. According to data from Santiment, the trading volume for SAND has fallen by more than 25% in the past week.
Currently trading at the October 2021 level, SAND traded hands at $ 1.07 as of this writing. According to data from CoinMarketCap, the price of the main metaverse token has only grown 0.57% in the past 24 hours.
Additionally, the selling pressure has increased for the SAND token over the past week. At the time of writing, the Relative Strength Index (RSI) stood at 34. Also noted in a downtrend and signifying a decline in token accumulation, SAND’s Money Flow Index (MFI) was 42 at the time of writing .
Before washing off the SAND
Despite seeing a drop on the price front, on-chain data revealed that SAND’s network activity has been pulling some traction over the past seven days. Total addresses with balance on the SAND network were at the time of printing 150,000 addresses. According to data from In the Block, new addresses on the network have grown by 18.15% in the past seven days. Additionally, active addresses increased by more than 35% over the same period.
In addition, the number of SAND transactions completed daily during the reporting period also grew by 40%. On average, 1,560 SAND transactions were completed each day in the past seven days.
The growth in SAND’s network activity is attributable to the traction seen in the Sandbox gaming ecosystem over the past week. According to data from DappRadar, the virtual gaming world registered an additional 3,820 users, an increase of 104% over the past seven days. Furthermore, the total number of transactions performed on the platform has grown by over 105%. Although sales volume decreased by 0.04%, the total value of assets held in the virtual game world grew by 55%. At the time of writing, this was $ 107.11 million.
The Sandbox metaverse includes a map of 166,464 LANDs that can be sold as NFTs. According to data from NFT Go, the sales volume of LANDS NFT has decreased by 4% in the past seven days. Furthermore, the market capitalization of the NFT project had decreased by 18% over the same period.