The post Why Ethereum Whales are Flocking Towards Sandbox’s $SAND Token? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
SAND, the Sandbox metaverse’s native token, has seen a significant increase in Whale buying in the last 24 hours.
The Sandbox recently announced a collaboration with Standard Chartered Bank (Hong Kong) to provide an innovative virtual world experience for users. Standard Chartered joins a growing list of non-web3 corporations using Sandbox to enter the metaverse.
However, in the previous 24 hours, the Sandbox token has dropped 6%, mirroring a broader slump in the crypto market.
SAND Whale Accumulations Spikes
At the time of publication, the SAND token was trading at an average price of $2.54. Despite the recent developments, the SAND Price has lost nearly 14% in the last week.
The biggest ETH whales have pounced on this price drop. In the last 24 hours, many Ethereum whales have added approximately $17 million in SAND tokens. The metaverse token has now been included in the top 10 tokens purchased by the top 100 ETH whales in the last 24 hours as a result of this change.
2 million SAND tokens worth $5.16 million were added to an ETH wallet named “Gimli.” Another whale known as “Bonobo” purchased $7.77 million worth of Sandbox tokens. According to the data, the largest Ethereum whale owns $126.4 million in SAND tokens. It accounts for almost a quarter of their overall holdings.
Meanwhile, in the previous 24 hours, the Metaverse token’s overall market valuation (about $27.8 billion) has fallen by 3.8 percent. The 24-hour trading volume of SAND tokens, on the other hand, has increased by 12% to 412.6 million. According to Whalestats, the Sandbox token is now ranked sixth among the top ten tokens by trading volume.
Also Read : Top ETH Whales Accumulating SHIB, APE, MANA, Amidst Crypto BloodBath Says On-Chain Data
Standard Chartered X Sandbox
Standard Chartered Bank had previously purchased a parcel of property in the Mega-City sector of the Sandbox virtual world. The SCBHK has been experimenting with several business models in order to promote user contact with the bank.
The bank is pursuing metaverse and Web 3.0 potential in this offer. Meanwhile, on April 28, 2022, the Sandbox map will begin selling land for Mega-City 2.
Following HSBC and Thailand’s Siam Commercial Bank, Standard Chartered is the third big lender to invest in the Sandbox. The initiative reflects a rising desire by non-web3 businesses to reach out to potential clients.
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