On March 12, the Hong Kong Monetary Authority (HKMA) launched what is known as the stablecoin issuer sandbox arrangement. The HKMA stated that applicants interested in establishing a stablecoin business in Hong Kong should have a sound business plan. The regulator also clarified that admission into the sandbox does not imply endorsement or support for […]
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Sandbox Set For $133 Million Token Unlock, A Bearish Trigger For SAND Price?
Decentralized gaming platform, The Sandbox is set to execute a SAND token release valued at 3.86 million. According to data from TokenUnlocks, Sandbox will release 332.55 million SAND tokens into circulation on August 14, representing 16.16% of the token’s maximum supply.
New SAND Tokens In 2023 To Rise Over 700 Million
With the upcoming SAND release, the total number of new SAND tokens in 2023 is expected to rise to 705.3 million. This latest unlock will add to the 372.75 million SAND released earlier during the last token unlock in February.
Based on more data from Token Unlocks, the newly released tokens will be allocated to various parties, including the Sandbox’s development team, project advisors, strategic and seed investors, and the project’s reserve.
SAND functions as the utility token of the Sandbox metaverse, serving as the platform’s payment medium and governance token. According to its design, SAND is expected to undergo a token unlock every six months until 2025.
Currently, the number of circulating SAND tokens is 2.05 billion, representing 68.6% of SAND’s total supply. With the projected release on August 14, these figures are expected to jump to 2.39 billion and 84.76%, respectively.
Potential Impact of Token Release on SAND’s Price
Token unlocks are common events in the crypto space, usually accompanied by fears of a bearish market. This is because the sudden introduction of massive tokens to the market creates a higher supply-to-demand ratio, which drives down asset prices.
Looking at on-chain data, this is one likely effect of SAND’s upcoming token unlock on its market price due to declining network growth on the Sandbox platform.
Based on data from blockchain analytics firm IntoTheBlock, the number of new addresses on Sandbox is down by 66.87% in the last month, falling from a peak of 649 in July to its current value of 215.
The continuance of this trend means Sandbox may lack the necessary traction to counter the upcoming inflationary pressure, which may ultimately lead to a fall in price.
Related Reading: Aptos (APT) Gains By 10% Ahead Of July Token Release
Following SAND’s last token release on February 14, SAND’s price movement was fairly positive, opening at .68 to trade as high as .72 and close at .71. In the subsequent days, SAND would record more gains, reaching a market value of .88 on Feb 20.
While token unlocks are widely expected to precipitate bearish pressure, their effects are still unpredictable. Investors are advised to watch out for major developments on Sandbox regarding network growth and whale movement.
At the time of writing, CoinMarketCap data shows that SAND is trading at .40 with a 0.62% gain on the last day. However, the token is down on the weekly chart losing about 2.98% of its value.
Cardano (ADA) Down By 11% Despite Entry Into The Sandbox
The last few weeks of the crypto market have been marked by steady losses, with most assets experiencing a decline in value. ADA, the native token of the Cardano blockchain and the 7th biggest cryptocurrency, has been one of those tokens suffering a significant hit in these recent times.
According to data from CoinMarketCap, Cardano (ADA) has plummeted by about 10% in the last seven days, showing a worse performance than other major altcoins, including Ethereum (ETH), Binance Coin (BNB), and Tron (TRX).
Interestingly, ADA’s decline over the last few weeks has been consistent even amidst news of a historic milestone for the Cardano network. On February 28, Clay Nation, a Cardano-NFT project, announced its upcoming integration with The Sandbox, one of the most popular metaverse games boasting of over 201,000 monthly players.
Related Reading: Bitcoin Dealt Another Round Of Blows, Is The Bear Market Back?
Following implementation, this will be the first time a Cardano-based project will be integrated with the prominent P2E game. While this news generated some excitement among the Cardano community, it has so far had no significant positive effect on the downtrend of the ADA token.
At the time of writing, ADA is trading at .31 and has gone down by 2.16% in the last 24 hours. On the bright side, its daily trading volume is on the rise, gaining by 13.15% to hit its current value of 9.9 million.
Behind ADA’s Fall
Generally, the crypto market has been in a bearish state for weeks now due to the ongoing financial woes of the crypto-friendly bank, Silvergate. Following the crash of FTX in November, Silvergate had to pay out about billion in withdrawal orders, leading to the bank recording a loss of billion in the fourth quarter of 2022.
After a delay in the release of the Silvergate bank’s annual report for 2022 caused much market panic last week, the Silvergate Capital Corporation – the bank’s parent company – confirmed many investors’ fears on Wednesday as they announced their intention to close down their banking firm operations and liquidate all its assets.
The ongoing collapse of the Silvergate bank has led to a high level of negative sentiment among investors leading to many assets, including Cardano experiencing a steep decline in value. However, that does not seem to be the only issue plaguing the Cardano network.
Cardano (ADA) Faces Internal Criticisms Over Governance Proposal
Recently, Cardano has gotten much criticism from its users and various web 3 enthusiasts due to a current governance proposal that many believe threatens the decentralization of the network governance.
According to a tweet by popular Web 3 Advisor Vannessa Harris, the approval of proposal CIP-1694 – as it is known – will allow Input-Output Global (IOG), developers of Cardano, to exhibit a domineering influence over the Cardano network.
In addition, Harris also stated the new governance mechanisms would prevent regular ADA stakers from voting and participating in governance.
In response to these claims, Charles Hokinson, Cardano Founder, stated that the critique was wrong and only spreading Fear, Doubt, and Uncertainty.
Meanwhile, many members of the Cardano community have called for a Twitter space for the project developers to address these concerns.
Ghanaian and Nigerian Central Bank Open Respective Regulatory Sandbox Application Processes
The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge.
Solving the Financial Exclusion Challenge
The Ghanaian central bank has called on registered financial institutions and unlicensed fintech startups to apply for admission into its regulatory sandbox. In a press statement issued on Jan. 26, the bank said the process to admit the first cohort of participants will open on Feb. 13 and close on March 14.
According to the Bank of Ghana (BOG), the sandbox will support innovations that include “new digital business models not currently covered explicitly or implicitly under any regulation.” The sandbox will also support innovations that attempt to solve the financial exclusion challenge as well as “new and immature digital financial service technology.”
As reported by Bitcoin.com news, Ghana’s central bank launched the sandbox, which was developed in collaboration with Emetech Solutions Inc, on Aug. 22, 2022. At the time, the bank characterized the sandbox launch as proof of its “commitment to providing the enabling environment for innovation to promote financial inclusion, and facilitate Ghana’s digitization and cash-lite agenda.”
As per the press release, interested participants are required to submit a complete form which can be accessed via a link. The statement adds prospective participants will be informed of the outcome of their respective applications “within twenty-one (21) working days after the closure of the application window on 14th March 2023.”
Meanwhile, the BOG’s Nigerian counterpart, the Central Bank of Nigeria, recently said its own regulatory sandbox is now live. The bank said interested innovators can now submit “expressions of interest to participate in the regulatory sandbox to explore novel applications of technology and innovation on behalf of our customers and stakeholders.”
In a video shared via Twitter, the Nigerian central bank said all entities with innovative financial solutions can apply online.
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Sandbox Struggles In A Bear Market, How Low Can Price Go?
- SAND trades below 50 and 200 EMA on the daily timeframe.
- Price continues to range with little or no volume despite having strong fundamentals.
- A break above could trigger a relief rally for SAND price.
Sandbox (SAND) price has had a rough time recently as price ranges in a daily timeframe channel against tether (USDT). Despite having good fundamentals with so much backing from top investors and partnerships, the price of Sandbox (SAND) has struggled to replicate its run to a high of . (Data from Binance)
Sandbox (SAND) Price Analysis On The Weekly Chart
The price of SAND has had difficult moments, with such movement from a low of .5 to a high of in a few weeks, creating euphoria in the hearts of traders and major crypto players.
Despite being backed by strong investors and partnerships, the bear market has impacted the price of SAND, which has dropped from to , a drop of more than 70% from its all-time high.
SAND’s price showed great strength as it rallied from its weekly low of to a high of .5 before failing to break above that region to higher heights.
The price of SAND has remained range-bound, unable to break above a weekly resistance of .5 to trend higher to the region.
To have a better chance of trading higher, the price of SAND must break and close above .5. The price of SAND has formed a downtrend line, acting as resistance; flipping the area of .5, which is acting as weekly resistance, into support will signal a more relief bounce for the price of SAND.
If the price of SAND fails to break through this key resistance region, we may see the price of SAND range within this channel or retest the .6 and lower support and demand zone for more buy orders.
Weekly resistance for the price of SAND – .5
Weekly support for the price of SAND – .6-.5.
Price Analysis Of SAND On The Daily (1D) Chart
Daily SAND Price Chart | Source: SANDUSDT On Tradingview.com
The daily timeframe for SAND prices remains in a range channel, with prices unable to break out due to low volume. After being rejected from a high of .5, the price continued in a range in a channel, with eyes set on flipping the .5 rejection area, where SAND prices have tested several times.
The price of SAND is currently trading at .92 on the 1D timeframe, below the 50 and 200 Exponential Moving Averages (EMA), which act as resistance. The prices of and .6 correspond to the 50 and 200 EMA resistance levels, respectively.
The price of SAND needs to flip the resistance into support to signal a relief bounce as the price of SAND has kept trading at its low since the major rally.
Daily resistance for the SAND price – -.6.
Daily support for the SAND price – .6.
Featured Image From Breakingnews, Charts From Tradingview
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Cardalonia Scores It’s First Exchange Listing, Set To Overtake Decentraland (MANA) and Sandbox (SAND) As $LONIA Token Holders Prepare For Land Presale
Cardalonia, an NFT-powered Play to earn Metaverse project building on the Cardano blockchain has announced the listing of it’s utility token $LONIA on P2PB2B, an Estonian-based cryptocurrency exchange and one of the top 100 exchanges by trading volume according to Coinmarketcap.
The $LONIA token listing partnership with p2pb2b.com will enable trading of $LONIA tokens, the utility token of Cardalonia.
LONIA token is available for trading on P2pb2b.com on the trading Pair LONIA/USDT, start trading below.
$LONIA is the utility token of the Cardalonia Metaverse and will give holders multiple utilities like Staking Rewards, Ability to vote on Governance proposals and so much more.
Holding $LONIA tokens will give Cardalonia users land presale whitelist access and passes to exclusive Cardalonia Avatar Clan drops and other NFT drops that will be exclusive to the Cardalonia ecosystem.
Users who also have an active stake of 7000 LONIA in the staking vault will be whitelisted for the upcoming Cardalonia Land Presale.
$LONIA Token Utility
$LONIA Token holders can stake their LONIA tokens to enjoy 20% APY which can be boosted up to 25% with Cardalonia Land NFTs.
Cardalonia is a virtual world where players can build, own and customize their own experiences on the Cardano Blockchain. Unlocking creativity in the Metaverse as you can Earn, create, socialize, play, trade and so much more, all in a virtual world.
Sandbox (SAND) Price Up 76% Since June Courtesy Of Metaverse Hype
The Sandbox (SAND) has been showing bullish signals and rising steadily, recording a 0.5% spike in the market.
- Sandbox price on an uptrend; rises by 76%
- SAND price trades upwards; depicting a long-term bullish trend
- Sandbox is bullish due to an increased investor and influencer interest
The market has seen aggressive strides in the past couple of weeks which is forecasted to be long-term. According to CoinMarketCap, The Sandbox (SAND) is down by 3.1% or at .30 as of this writing.
SAND Blows Past 75% On Influence Boost
SAND was seen to spike by 76% since June 19. The growth is brought about largely by the influence of metaverse platforms like Sandbox which has generated a great deal of interest from popular influencers and personalities online as well as a huge part of blockchain users who continuously support these platforms.
For instance, famous socialite Paris Hilton has a Malibu mansion on Sandbox and is organizing events for fans that allow everyone to interact virtually with her. Hilton’s partnership with Sandbox has generated a lot of attention for SAND and also the metaverse events she has in store for her solid fans on Sandbox.
SAND’s price growth is mainly triggered by its wide expansion internationally and in other markets. Additionally, Sandbox is also said to begin partnerships with local businesses for a pop-up atelier. These developments have propelled SAND’s prices way up as investors are now excited with the evolution of the metaverse industry and want to be a part of the metamorphosis.
On the recent chart, the market has registered small gains which are said to be a perpetuation of the sideways market that has been lingering for the past couple of weeks. SAND is seen to continue with its current trading direction or the sideways market in the next trading sessions with prices that could potentially trade below .49.
On the other hand, if the prices hover above the key resistance of .49, this will indicate the continuation of a bull run.
What Is The Sandbox?
The Sandbox (SAND) is an interactive virtual Ethereum-based world that enables players to create, build, explore, socialize, trade, and monetize digital assets and game experiences.
The platform is powered by SAND, its native currency, which is utilized for interactions and transactions made in the virtual world. The Sandbox provides players with a safe gaming landscape that keeps players secure from crypto market volatility and crashes.
While the Sandbox has been criticized a lot of times as it heavily relies on cryptocurrencies which are highly volatile, the platform remains to be one of the most popular and trusted projects in the GameFi space.
SAND total market cap at .6 billion on the daily chart | Source: TradingView.com
Featured image from Yahoo Finance, Chart from TradingView.com
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Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours
Sandbox (SAND) was one of the most active cryptocurrencies on Thursday, with values increasing by as much as 14 percent. After reaching a low of .13 on Wednesday, the SAND/USD pair reached a session high of .28 earlier today.
The token reached its highest level since June 25 and drew closer to a crucial resistance level as a result. During the same timeframe, the market capitalization of the token increased by 15 percent. It was valued at .58 billion as of press time, according to data from Coingecko.
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Major Indicators Showing Positive Values
According to Santiment statistics, SAND’s major indicators improved over the past day, with the exchange flow balance exhibiting a positive value of ,411,000.
In the previous 24 hours, significantly more SAND tokens were supplied to exchanges than were withdrawn. In such circumstances, a further price increase is anticipated.
Based on the chart, this resistance is located at .35 and has not been breached since late May, when prices were trading near .50.
To not only reach this ceiling, but perhaps surpass it, the 14-day relative strength index would need to surpass its own barrier. As of Thursday at midday, the SAND RSI is tracking at 57.50, which is just below the level of resistance at 58.
Crypto total market cap at 1 billion on the daily chart | Source: TradingView.com
Coinbase Merge Pushes SAND Price Up
This week’s news that The Sandbox has successfully merged with Coinbase Wallet and enabled LAND deployment on Polygon has provided a much-needed push to the price of metaverse currencies, causing a 20 percent increase.
Since the announcement, the price of SAND has peaked at .17 before declining. In comparison, its 24-hour minimum price was .95. Investors in SAND will hope that the positive news will cause the price to rise over .30, which will signal to the larger market that SAND is on a bullish run that may be sustainable.
Suggested Reading | Ethereum Gains 10% In 24 Hours – Is ETH Set To Rally Further?
At the time of writing, significant accumulation of the SAND token was occurring, as the Money Flow Index (MFI) was at 74.47. The position of these key indications suggest considerable purchasing pressure within the previous 24 hours.
Several crypto assets contributed to a 5 percent increase in the capitalization of the global cryptocurrency market over the past 24 hours. SAND was among the major assets to have a price increase during this timeframe.
Featured image from DataDrivenInvestor, chart from TradingView.com
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Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors
Sandbox has become one of the most important Metaverse cryptocurrencies to keep an eye on this year.
Sandbox (SAND) is currently selling at .31, an increase of 20% based on data from CoinMarketCap.
The rally occurs just days after Microsoft and Meta, among other technology giants, announced the founding of the so-called “Metaverse Standards Forum.”
Other facets of virtual reality are also being researched, as the Sandbox environment has expanded into much more than a gaming platform.
Suggested Reading | Storj (STORJ) – A Relatively Unheard Crypto – Leads Gainers With 30% Rally
Sandbox (SAND) Lights Up 7 Straight Green Candles
As shown on the SAND chart, the daily time frame chart obtained seven consecutive green candles.
Near the .11 mark, the SAND price confronts severe supply pressure, with intraday trading volume reaching 6 million, suggesting a 3.22 percent decline.
Source: Tradingview
Friday night’s bulls blasted over the 10-day horizontal boundary, propelling the price of SAND cryptocurrency well above the bearish’ critical hedging level of .90.
The recent bottom of the SAND token, on the other hand, has served as a significant support level for the bulls.
The Sandbox is an Ethereum-based game in which players can purchase parcels of virtual land. Occasionally, the value of these virtual properties may reach millions of dollars, and everyone could profit greatly if the metaverse becomes as successful as many anticipate.
The ‘Metaverse Standards Forum’
Meanwhile, the Sandbox could be on the crosshair of an established tech company planning a takeover, based on rumors circulating on social media.
The declared objective of the Metaverse Standards Forum, which was unveiled on Wednesday and is comprised of Sony and Alibaba, is to foster coordination and cooperation among the hundreds of enterprises competing for position on the enormous metaverse landscape.
Suggested Reading | Top 5 Cryptos Taking A Major Beating In The Ongoing Market Mayhem
Reuters quotes Nvidia executive Neil Trevett, who is chairing the MSF, as saying any company, including those in the crypto industry, can join the group.
A property in Sandbox was recently acquired by HSBC, one of the world’s top banks. HSBC’s interest in Sandbox metaverse lands indicatesthat they appreciate its significance.
SAND total market cap at .76 billion on the weekend chart | Source: TradingView.com
Meta Eyeing Sandbox Buyout?
On Sunday, The Sandbox co-founder and COO Sebastien Borget replied to Messari on Twitter if Meta purchasing a virtual world like The Sandbox Game makes him “bullish.”
Borget’s response was brief and unequivocal:
“This will never happen.”
Many Web3 community members remain dubious. Animoca Brands’ founder and executive chairman, Yat Siu, has previously referred to Meta’s goals as “digital colonialism.”
Animoca Brands is a billion software and venture capital firm responsible for a variety of metaverse projects, including The Sandbox.
Danny Greene, general manager of the Meebits DAO, stated to a crypto news outlet that customers will ultimately battle for a decentralized future and that “these are companies that represent shareholders.”
Featured image from Smart Valor, chart from TradingView.com
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Metaverse protocol OVER launches unique treasure hunt in partnership with the Sandbox
OVER, a decentralized metaverse platform that provides surreal AR/VR experiences, has revealed its partnership with The Sandbox to launch a unique reward program for their communities.
This development continues the growing relationship between the two platforms. To recall OVER had enabled a cross-platform experience for its users on the Sandbox ecosystem in April.
This update enabled Sandbox users to control their NFTs on OVER and invite their friends to partake in activities without having to leave the OVER app. This latest partnership takes this a step further as Sandbox users can participate in the Hunt by collecting digital assets around Manhattan, New York, from June 20-24.
According to the terms of the treasure hunt program, interested participants have to download the OVER app and begin their quests of collecting the Sandbox around Manhattan for rewards. There’ll be a leaderboard that tracks participants’ activities, and the top 5 hunters are eligible for rewards. The rewards range from 2500 $SAND for the highest-paced hunter to 500 $SAND fo the fifth-placed hunter.
Furthermore, participants can share their hunting experiences on Twitter and get rewarded via the video contest. The top 3 videos with the most likes will receive 1250, 750 and 500 worth of $SAND, respectively. NFT hunters need to follow OVER and The Sandbox on Twitter to be eligible to receive rewards from the video contest.
OVER continues to make significant inroads
OVER has become one of the fastest-growing blockchain projects since its launch in 2020. It is a community-owned blockchain ecosystem that allows users to delve into metaverse and experience VR and AR experiences through their smart glasses or mobile devices.
What sets it apart from the rest is that it intends to build a new standard for augmented reality in the crypto ecosystem. To achieve this, it has adopted an open-source model where community members contribute to its growth, making it truly decentralized from its creators.
Furthermore, OVER uses NFTs to create value for users and serve as a bridge between the physical and digital worlds. Since its launch, OVER has already provided users with immersive activities and treasure hunts for NFTs in unique locations and landmarks within its metaverse.
OVER has also positioned itself strategically with its partnership with the Sandbox, one of the largest and most influential metaverses and NFT ecosystems.