Sandbox has become one of the most important Metaverse cryptocurrencies to keep an eye on this year.
Sandbox (SAND) is currently selling at $1.31, 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.
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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 $1.11 mark, the SAND price confronts severe supply pressure, with intraday trading volume reaching $386 million, suggesting a 3.22 percent decline.
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 $0.90.
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.
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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 $1.76 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 $5 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