SAND joins the list of most purchased tokens by top 100 ETH whales
- SAND’s demand soared amongst ETH whales regardless of the value being overbought.
- Low promote stress for SAND as holders change to a longer-term outlook.
The Sandbox’s native token SAND simply made its approach into the highest 10 checklist of most bought tokens by the highest 100 ETH whales. That is in keeping with the most recent WhaleStats report and right here’s why SAND holders may wish to take observe.
Real looking or not, right here’s SAND’s market cap in BTC’s phrases
In case you have been holding SAND in your crypto bag, you’re most likely happy with its efficiency for the reason that begin of January. You may additionally be glad to seek out out that the most recent WhaleStats alert revealed that there’s nonetheless robust demand for SAND regardless of its present worth degree.
Based on the announcement, the demand from ETH whales within the final 24 hours was sufficient to place SAND into the ten most bought checklist.
JUST IN: $SAND @TheSandboxGame now on high 10 bought tokens amongst 100 greatest #ETH whales within the final 24hrs 🐳
Examine the highest 100 whales right here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see information for the highest 5000!)#SAND #whalestats #babywhale #BBW pic.twitter.com/nWQoR6vWNX
— WhaleStats (monitoring crypto whales) (@WhaleStats) January 15, 2023
Nonetheless digging SAND
A have a look at SAND’s present place reveals why this commentary is slightly shocking. The token traded at $0.67 on the time of writing, which represents an 80% upside from its present month-to-month excessive.
Nonetheless, it’s now deep within the RSI’s overbought zone and has prolonged its rally properly above the 50-day transferring common.
Supply: TradingView
Primarily based on the overbought circumstances, the market ought to anticipate a rise in promote stress however it’s opposite to the WhaleStats commentary. This will likely clarify why we see weak bearish makes an attempt up to now. The provision distribution metric confirms that whales are certainly shopping for.
Addresses holding greater than 10 million SAND elevated their holdings by a large margin within the final three days. That is the second largest whale class holding 13.87% of the entire circulating provide on the time of writing.
Supply: Santiment
On the similar time, some whale classes are certainly promoting. That is particularly the case for these within the a million to 10 million and 10,000 to 100,000 SAND bracket.
There are just a few different metrics that recommend that the bulls might not have sufficient energy to take over. This contains the optimistic community progress that The Sandbox has achieved in the previous couple of days. Actually, community progress was at a weekly peak on the time of writing.
Supply: Santiment
Is your portfolio inexperienced? Try the SAND Revenue Calculator
This improve in community addresses was backed by a surge in day by day lively addresses. Additionally, the imply coin age is up considerably in the previous couple of days. This implies a lot of the SAND accrued up to now few days is but to alter addresses.
Supply: Santiment
SAND’s observations highlighted above appear to be the makings of a entice for potential quick sellers. The dearth of sufficient promoting stress, backed by accumulation by ETH whales might result in the extra potential upside.
