Sandbox [SAND]: What Traders Need to Know Before Washing Out This Metaverse Token

The last 20 days have been particularly bearish, with many crypto assets making impressive all-time highs in July. A representative coin, Bitcoin [BTC], dropped 9%. 

Ethereum [ETH] is also down 3% since the start of the month. Metaverse tokens are not spared as many tokens have seen him suffer double-digit losses since earlier this month. 

Among them is Sandbox [SAND], down 24% since August 1st. In the last 7 days alone, the token has fallen 22.13%. Indicated coin market capitalisation .

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Trading activity on the network has also decreased as the price of the token dropped last week.

 Data from Santiment shows SAND's trading volume fell by more than 25% last week.

Currently trading at October 2021 levels, SAND is trading at $1.07 at the time of this writing. Per data from Coin Market Cap, the price of the major metaverse token has increased by only 0.57% over the past 24 hours.

Moreover, selling pressure on SAND tokens has increased in the last week. At the time of writing, the Relative Strength Index (RSI) was 34. 

SAND's Money Flow Index (MFI), which is also in a downtrend, indicating a decrease in token accumulation, was at 42 at the time of writing.

Before washing away the SAND

On-chain data reveals that SAND's network activity has gained some traction over the past seven days, despite the record drop in price. The total number of remaining addresses on the SAND network was 150,000 at the time of writing. 

According to data from Into the Block , new addresses on the network have increased by 18.15% over the past seven days. Also, active addresses increased by more than 35% over the same period.

In addition, the number of SAND transactions completed each day during the period also increased by 40%. Over the past seven days, an average of 1,560 of his SAND transactions have completed each day.

SAND's increase in network activity is due to the traction recorded within Sandbox's gaming ecosystem over the past week. 

According to data from Dapp Radar , the virtual gaming world has registered another 3,820 users, an increase of 104% over the past seven days. 

Additionally, the total number of transactions performed on the platform increased by over 105%. Sales fell by 0.04%, but total assets held in the virtual game world increased by 55%. As of this writing, this has him at $107.11 million.

The sandbox metaverse consists of 166,464 LAND maps that can be sold as NFTs. 

According to data from NFTGo , LANDS NFT sales volume has fallen by 4% over the past seven days. 

Moreover, the market capitalisation of NFT projects has decreased by 18% over the same period.