After a contract between Warner Music and hiphop star Snoop Dogg, SAND token has pumped 40%.
SAND’s rise comes after the recent slump that saw the token’s market value plummet by about 70%.
Notwithstanding the market’s bearish mood in the last 24 hours, Sandbox (SAND) refused to fall. Traders saw the cryptocurrency’s recent high-profile collaborations as an indication that the project had good foundations, and the altcoin soared.
SAND gained 10.23% to $3.38 at the UTC close on January 27, then gained another 5.42to $3.57 on Friday. Bitcoin (BTC), on the other hand, fell 1.41 percent in the same span.
Adoption of SAND is on the rise
After the Sandbox unveiled ties with American artist Snoop Dogg and Warner Music, a prominent record label, traders opted to boost their exposure to SAND.
Following that day, the Sandbox stated that, with the support of Warner Music, it will establish a theme park for artists and a virtual performance venue in the metaverse. The game initiative said that by doing so, Warner Music artists would be able to interact with their fans online and earn actual money streams.
Presumably, SAND’s chances of finding additional takers in the future were improved by the high-profile alliances. This is due to the functionality as a major utility inside the Sandbox metaverse, serving as a means of commerce, leadership, and staking. As a consequence, it outperformed most of its main crypto competitors on Jan. 27.
What does SAND have planned for the future?
The last round of purchasing coincided with a shaky rebound in the larger bitcoin market, which began on January 24. The crypto market gained approximately $150 billion to its net worth from its trough on January 22 and its peak on January 28. SAND, which rebounded along with other assets, hit rock bottom at $2.56 before rallying almost 40% in only four days.
Source – TradingView
Following the rally, the SAND price established its temporary support at the 200-day exponentially weighted average. Sand will likely prolong its positive momentum into the 50-day EMA at $4.50 if the joy accompanying the Snoop Dogg and Warner Music deals continues.
However, independent market expert Cantering Clark questioned the positive scenario, pointing out that SAND’s pump may have served as a “friendly exit for investors” ahead of a possible negative continuation.
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