The how and why of The Sandbox’s recovery roadmap
One of the leaders in the Metaverse, The Sandbox has registered immense growth over the last couple of months. GameFi protocol announcing the release date and all that’s coming in Season 2 is only likely to push this growth higher. Even so, it’s worth pointing out that the impact of this announcement expands beyond just gamers.
Yesterday, the long-awaited Season 2’s release date was announced to be 3 March. An update from The Sandbox also revealed that Snoop Dogg avatars from his 10,000 NFT collection would also be playable in the game.
However, while these updates serve as an incentive for gamers, the economic impact of the development affects SAND investors globally. Especially since the market conditions recently haven’t been favorable to the coin.
Even at press time, the altcoin was painting red candles as it fell by 9.6% from yesterday’s highs. Although consolidation in price along the $2.8 to $3.3 zone is expected, some bullishness is likely to come out of this development as well.
The first sign of the same came from investors’ sentiment heading back into the positive zone. While this has occurred on multiple occasions in the past, it never lingered there for too long.
The Sandbox investors’ sentiment | Source: Santiment – AMBCrypto
Secondly, recent on-chain observations have indicated that people are pretty bullish for the Metaverse and The Sandbox. In fact, they are just looking for the most profitable opportunity.
On 23 February, for instance, right after SAND marked a 9.3% rally, new balance holding addresses shot up by 9,000. Over the next 48 hours, transactions on the network peaked at 19.5K in a single day, up from the average of 3K.
The Sandbox on-chain transactions | Source: Intotheblock – AMBCrypto
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