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 deliver an innovative virtual world experience to users. Standard Chartered joins a growing list of non-Web3 companies using Sandbox to enter the metaverse.
However, in the previous 24 hours, the Sandbox token has dropped 6%, mirroring a broader slump in the crypto market.
SAND Whale Accumulation Spikes
At press time, the SAND token was trading at an average price of $2.54. Despite recent developments, SAND price lost nearly 14% in the past week.
The biggest ETH whales have pounced on this price drop. In the last 24 hours, many Ethereum whales have added approximately $17 million in SAND tokens. The metaverse token has now been included in the top 10 tokens purchased by the top 100 ETH whales in the last 24 hours as a result of this change.
2 million SAND tokens worth $5.16 million have been added to an ETH wallet named “Gimli”. Another whale known as “Bonobo” purchased $7.77 million worth of Sandbox tokens. According to the data, the largest Ethereum whale has $126.4 million in SAND tokens. It accounts for almost a quarter of their overall holdings.
Meanwhile, in the previous 24 hours, the Metaverse token’s overall market valuation (about $27.8 billion) has fallen by 3.8 percent. The 24-hour trading volume of SAND tokens, on the other hand, has increased by 12% to 412.6 million. According to Whalestats, the Sandbox token is now ranked sixth among the top ten tokens by trading volume.
Standard Chartered X Sandbox
Standard Chartered Bank previously purchased a plot of land in the Mega-City sector of the Sandbox virtual world. The SCBHK is experimenting with several economic models in order to promote contact between users and the bank.
The bank is pursuing metaverse and Web 3.0 potential in this offer. Meanwhile, on April 28, 2022, the Sandbox map will begin selling land for Mega-City 2.
After HSBC and Thailand’s Siam Commercial Bank, Standard Chartered is the third major lender to invest in the Sandbox. The initiative reflects a growing desire by non-web3 companies to reach potential customers.
