Sandbox is a blockchain game that allows users to interact with digital assets. By integrating NFTs and DAO, the project introduces a decentralized network for online gamers. However, Sandbox has struggled with bearishness over the past twelve months amid various macro and micro factors.

Whale dumps SAND

Note that whale"0x73b4" deposited 28.46M $SAND ($8.57M) to #Binance and #OKX 3 hours ago.

The last time this whale deposited a large amount of $SAND into exchanges was on Aug 10 (before unlocking), and the price of $SAND decreased by ~30% after that.https://t.co/hdmQtOW34R pic.twitter.com/T0U6hobAxI

— Lookonchain (@lookonchain) October 7, 2023

Further, SAND movement by wallet 0x73b4 early on Saturday has raised worries of further declines from the metaverse token. Lookonchain revealed that the whale deposited Sandbox tokens worth $8.57M (around 38.46 million coins) to exchanges Binance and OKX.

The whale triggered a 30% price decline the last time it deposited massive amounts of SAND into exchanges on August 10. The altcoin endured dips after the whale sent coins to Binance, OKX, and Gemini before unlocking.

Analysts interpret token deposits to exchanges as a bearish sign as these entities prepare to sell their thresholds. That magnifies selling pressure, translating to price plunges. Furthermore, whales control the most Sandbox tokens, accounting for 77.64% of the overall supply.

(Click on image to enlarge)

Source -Coinmarketcap

Sandbox price

Sandbox exhibited an optimistic outlook on Saturday, gaining 1.5% to $0.3008 at press time. However, the token wasn’t an exception to the prolonged crypto winter. SAND has lost over 64% within the past year as bears outshine bulls.

(Click on image to enlarge)

Source – Coinmarketcap

As invezz.com reported, the metaverse has become lonely as users quit. While analysts believe this sector will grow massively in the coming years, developers should design lucrative offerings to rescue the metaverse and NFTs market.

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