SAND, the native token of the sandbox metaverse, has seen a significant increase in whale purchases over the past 24 hours.
Sandbox recently announced a collaboration with Standard Chartered Bank (Hong Kong) to provide an innovative virtual world experience for users. Standard Chartered joins a growing list of non-Web3 corporations using the sandbox to enter the metaverse.
However, over the past 24 hours, the sandbox token has fallen 6%, indicating a widespread bearishness in the crypto market.
sand whale accumulation spikes
At the time of publication, the SAND token was trading at an average price of $2.54. Despite the recent developments, the price of sand is down about 14% over the past week.
The biggest ETH whales have jumped on this price drop. Over the past 24 hours, several Ethereum whales have added about $17 million in SAND tokens. As a result of this change the Metaverse token is now included in the top 10 tokens bought by the top 100 ETH whales in the last 24 hours.
2 million SAND tokens worth $5.16 million were added to an ETH wallet named “Gimli”. Another whale known as “Bonobo” bought $7.77 million worth of sandbox tokens. According to statistics, the largest Ethereum whale owns $126.4 million in SAND tokens. This accounts for about a quarter of their total holdings.
Meanwhile, over the past 24 hours, the Metaverse token’s overall market valuation (about $27.8 billion) has fallen by 3.8 percent. On the other hand, the 24-hour trading volume for the SAND token is up 12% to 412.6 million. According to WhaleStats, the sandbox coin is now ranked sixth among the top ten tokens by trading volume.
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Standard Chartered X Sandbox
Standard Chartered Bank had previously purchased a parcel of property in the mega-city sector of the sandbox virtual world. SCBHK is experimenting with several business models to promote user interaction with the bank.
The Bank is pursuing Metaverse and Web 3.0 capability in this offering. Meanwhile, on April 28, 2022, Sandbox Map will begin selling land for Mega-City 2.
Standard Chartered is the third largest lender to invest in the sandbox, after HSBC and Thailand’s Siam Commercial Bank. This initiative reflects the growing desire by non-Web3 businesses to reach potential customers.
