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The Sandbox (SAND) price dropped to an all-time low of $0.29 on September 13th, due to the increasing negative sentiment surrounding the metaverse. The on-chain data trends, along with Binance‘s attempt to halt the Sandbox NFT Staking, shed light on how the SAND price could move.
The Binance Effect on SAND!
Following the announcement that the cryptocurrency exchange Binance will end its support for The Sandbox NFT Staking program, the SAND price experienced a further decline on September 8th. Will bearish whale investors push the SAND price closer to zero? The delisting announcement by Binance last Friday appears to have triggered a downward trend among Sandbox whale investors. On-chain data reveals that whales halted their buying trend throughout the week and started selling after the news broke.
Santiment’s data shows that crypto whale investors with balances ranging from 1 to 10 million SAND held a total of 281.7 million SAND as of September 7th. However, the charts indicate that this figure dropped to only 277.4 million SAND as of September 13th. This suggests that Sandbox whale investors may have sold 7.3 million SAND tokens since the Binance announcement was published on September 8th. The 7.2 million SAND tokens recently sold by Sandbox whales are worth approximately $2.2 million at the current price of $0.29.
SAND Token Price Future!
Historically, the trading activities of whales have significantly influenced crypto markets due to their substantial holdings. Therefore, if the ongoing selling trend continues, SAND holders may experience further price drops in the coming weeks. The Sandbox prices are currently at an all-time low of $0.29. However, despite the heavy discounts, SAND has failed to generate significant new demand.
Additionally, the daily network growth chart shows that Sandbox has not registered any new wallet addresses up to 200 this month. As of September 13th closing, only 146 new wallet addresses were created on the Sandbox network. This represents a 37% decrease compared to the 231 addresses recorded on August 29th when the price briefly retested $0.35.
