Because of the large number of cryptos around us, it's highly likely that you haven't heard of SAND. It is, after all, Sandbox's native token. Even though it has been there for a long time, it has only recently captured everyone's notice. Surprisingly, its recent performance has been both laudable and avoidable.
Watch out for the sandstorm!
SAND, the popular game's token, blew heads (pun intended) by registering a remarkable 319 percent increase in the last seven days.
While no single cause can be identified as the catalyst, one reason in particular does seem to strike a bell. It's worth noting that the project's Series B funding, led by the Softbank Vision Fund 2, brought in more than $93 million.
As a result of the aforementioned increase, both network and investment figures for the altcoin reached previously unimaginable heights. To begin with, the number of active addresses increased by 798 percent to 4.68k, a new high. This proved to be a wise decision, as investor profitability reached 100%, with no holder losing money.
Furthermore, after being essentially inert for months, SAND's market value has finally began to rise. In fact, it was at an all-time high at the time of writing.
The most fascinating detail is that whales went completely insane during the rally, selling nearly $301 million worth of sand.
Surprisingly, this resulted in a 58,919.6 percent increase in whale trades.
Is this all the token has to offer?
The coin, which is dominated by whales who own 85 percent of total supply, does not yet have a strong investor base. In fact, only 34,000 addresses have any sort of balance.
Furthermore, all of these increases appeared to be transient, since the average of all indicators appeared to be a single-digit percentage of their press-time values.
Even in terms of cost, the situation has been difficult. The altcoin hasn't been able to break through the $1 barrier since April. While the coin did briefly breach the barrier, it quickly returned to its previous level before climbing again. This meant that the upswing had not been very stable.
A whale-centric token is usually a red flag, don't forget that. When no-movement-price tokens, such as SAND, rise in an unusual way, they tend to collapse soon.