This is Dale, many of our readers know that Sandbox (Sand) is a company I am all in on. Obviously we are in a crypto winter right now. Amazing how many people will end up eating crow when the crypto market recovers.
I find it fascinating the number of people that are roasting Mark Zucks and his vision of Metaverse and what it will ultimately become. When I hear people talk about the Metaverse will never develop, it reminds me of those that called The World Wide Web a fad.
Without vision people parish, and most simply reist change. I have learned a long time ago you can’t fight an idea whose time has come. Weather you like it or understand it is not the issue. It is, what it is,
and the future is on its way regardless of anyone’s personal opinion.
The Sandbox (SAND) Active Users Reach Monthly Peak: Facebook’s AI Glasses Influence?
- Sandbox (SAND) price currently sits at $0.30 its lowest since August 2021, as the metaverse sector struggles to gain traction in H2 2023.
- On September 27, Sandbox recorded a monthly peak of 697 active user addresses, which coincided with Facebook’s smart AI powered Ray Ban glasses launch.
- If Sandbox bulls capitalize on the network demand spikes to reclaim the $0.40 resistance level, it could set a price recovery in motion.
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Like most metaverse tokens, Sandbox price performance in H2 2023 has been underwhelming. Can Facebook’s recent Artificial intelligence (AI) powered glasses spark sustained market demand across the SAND ecosystem?
Network Demand Spike After Facebook’s Recent Product Launch
Sandbox witnessed a noticeable spike in new users as Facebook launched AI-powered Ray Ban smart glasses. Indicatively, on-chain data from Santiment shows that 278 new wallet addresses were created on September 27.
Notably, the last time the Sandbox ecosystem witnessed this level of Network Growth was on July 24.
Typically, this uptick in Sandbox user acquisition means that the underlying SAND token is attracting fresh demand.
Also, the timing of the Network Growth implies that the Facebook smart glasses launch may have sparked some interest in the metaverse project. If it is sustained, SAND holders can anticipate some price upside.
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New Joiners Have Been Conducting Economic Transactions
Further confirming that the Facebook product launch could be bullish for Sandbox, on-chain data reveals that the new joiners have been conducting economic transactions.
As seen in the chart below, SAND’s daily active addresses also hit a monthly peak of 697 on September 27.
The Daily Active Addresses metric tracks the participation rate of existing users on a blockchain network. It is derived by aggregating the number of unique addresses carrying out transactions daily.
As observed above, Sandbox DAA has mirrored the Network Growth spike to as network demand rose to a new monthly peak.
When Network Growth coincides with an increase in Daily Active Addresses, it suggests that new participants are actively initiating transactions.
If the Sandbox ecosystem can sustain this spike in user engagement, it could evolve into a bullish price momentum in the coming weeks.
Read More: Best Upcoming Airdrops in 2023
SAND Price Prediction: The Bulls are Eyeing $0.45
The on-chain indicators highlighted point towards a possible bullish reversal toward the $0.45 territory.
The Global In/Out of Money Around Price (GIOM) data, which depicts the entry price distribution of current SAND holders, also lends credence to this prediction.
It shows that if Sandbox can clear the initial resistance at $0.40, the heightened network traction could trigger a bounce toward $0.45.
As shown below, the 17,160 addresses bought 339.3 million SAND at an average price of $0.40. If they close their positions, they could impede bullish momentum.
But if the user engagement rate remains steady the next SAND bull rally could reclaim the $0.45 mark.
Conversely, the bears could invalidate the bullish narrative prediction if Sandbox’s price wobbles below $0.25.
However, the chart depicts that 3,440 addresses had bought 793.4 million SAND at the maximum price of $0.29. If these address HODL, they will likely avert the bearish downswing.
But if the SAND loses that vital support level, it could trigger a prolonged downswing toward $0.20.
Long term we look for Sand to recover to their original high in the $8.00 range, after that the sky is the limit depending upon adoption.
Without exception these are still the early days of Crypto.
The first question I always ask before investing in a particular crypto coin is what is the USE CASE for the digital currency. Sandbox seems to totally understand that, and keep that as a priority as they build out their Metaverse.
Here is an email I received today, which is just an example of Sandbox creating a use case for their SAND token.
|The Sandbox <firstname.lastname@example.org>
|1:49 PM (2 hours ago)
GET YOUR NFT, SUPPORT THE TEAM!
All AFA Village NFT holders, that have bought one of our collectibles before the final kicks off at 3:59pm CET on Sunday, will be able to claim a special exclusive reward IF Argentina win the match and are crowned Champions of the World! NFT, SUPPORT THE TEAM!All AFA Village NFT holders, that have bought one of our collectibles before the final kicks off at 3:59pm CET on Sunday, will be able to claim a special exclusive reward IF Argentina win the match and are crowned Champions of the World!
SHOP YOURS BEFORE THE FINAL! AFA VILLAGE PRESENTED BY ONEFOOTBALLUntil December 27thDive into the AFA Village experience to celebrate, learn and explore the stories and legends of the Albiceleste!
Play now and win some special rewards!
50,000 SANDA 50,000 SAND prize pool sharedamongst all eligible participants! Memorabilia
All participants who complete at least one quest will receive an exclusive OneFootball badge.
How to participate?
Create a The Sandbox AccountComplete all quests from the OneFootball experienceValidate your Identity in your The Sandbox account settings
The first question I always ask before investing in a particular crypto coin is what is the USE CASE for the digital currency. (SAND) Sandbox is a crypto company that seems to totally understand that, and keep that as a priority as they build out their Metaverse