As the cryptocurrency space shook off weekly gains, Sandbox defied the broad trend, surging 14.14% to touch a monthly peak. Nevertheless, the metaverse coin mimicked the market bias earlier, recording greens over the past seven days.
Nevertheless, the previous 24 hours were better than SAND’s upside within the past week. As Sandbox didn’t show slowed momentum, investor anticipation could match the asset’s persistence in the near term.
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Spreading the Message
Various factors could have contributed to SAND’s upsurge to $0.908. Meanwhile, a notable event would be Sandbox’s undeniable fashion giant move into the metaverse. Forbes report indicated that Gucci, a fashion giant, launched its initial Sandbox experience.
Surprisingly, the web3.0 event (which began on October 27) would run until November 9. That implied that SAND might stay relevant despite its 24hr trading volume gaining more than 170%.
Besides the volume, Sandbox attracted new market players. The network’s increased growth confirmed this. The alt could continue to see attention from the cryptocurrency community, considering the network involvement surge. Nevertheless, it remained essential to consider the exchange supply state.
While publishing this content, Santiment confirmed that the overall exchange supply had increased to 16.49%. The surge showed investors might be directing profits generated within the last few days into crypto exchanges. Thus, selling pressure could materialize. Investors should be cautious in expecting other upsides in the upcoming days.
Traders Taking Advantage?
Considering SAND’s momentum, one may expect traders jumped into the opportunity. Surprisingly, that was the scenario as Santiment revealed that FTX and Binance funding rates for Sandbox were favorable. That showed futures traders capitalized on the price swings for profits.
Despite the recorded uptick, it appeared that liquidations nearly matched for longs and shorts. Coinglass data shows SAND worth approximately $1.4 million liquidated within the past 24 hours. Nevertheless, the difference between these opposite ends was not much astonishing.
While publishing this content, liquidated shorts stood slightly beyond $698,000, whereas longs stood at $477,050. That means investors interested in more profits should watch their moves.
We have more cryptocurrency news coming your way. Stay tuned.