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 create an innovative virtual world experience for users. Standard Chartered is the latest in a long line of major non-web3 companies to enter the metaverse via Sandbox.
However, the Sandbox token has dropped 6% in the last 24 hours, mirroring a broader decline in the crypto market.
SAND is worth $126 million in top ETH wallets.
At the time of writing, the SAND token was trading at an average price of $2.54. Despite the recent announcements, the sandbox token has dropped by more than 14% in the last 7 days.
The biggest ETH whales have taken advantage of this dip opportunity. In the last 24 hours, multiple Ethereum whales have added over $17 million in SAND tokens. This move has placed the metaverse token among the top ten tokens purchased in the last 24 hours by the top 100 ETH whales.
An ETH wallet called “Gimli” received $5.16 million in SAND tokens. While another whale is known as “Bonobo” spent $7.77 million on Sandbox tokens. According to the data, the largest of the Ethereum whales owns $126.4 million in SAND tokens. It accounts for 1.5 percent of their total holdings.
In the meantime, the Metaverse token’s total market capitalization (approximately $27.8 billion) has dropped by 3.8 percent in the last 24 hours. SAND tokens’ 24 hour trading volume of 412.6 million, on the other hand, has increased by 12 percent. According to Whalestats data, the Sandbox token is ranked sixth among the top ten tokens in terms of the trading volume.
Standard Chartered purchases property in The Sandbox.
Previously, Standard Chartered Bank purchased a plot of land in the Mega City district of the Sandbox virtual land. The SCBHK has been investigating various business models in order to increase user interaction with the bank.
In this bid, the bank has entered into the metaverse and Web 3.0 opportunities. Meanwhile, the Sandbox map is opening doors for its land sale for Mega City 2 on April 28, 2022.
Standard Chartered is the third major lender to buy land in the Sandbox, following ventures by HSBC and Thailand’s Siam Commercial Bank. The move represents growing interest among non-web3 companies to expand their outreach to potential customers.
To read our blog on “BTC whales buy’s dips in this correction and returns to above $40,000” click here.
