Published on: 23/01/2023
The Sandbox whales’ favorite smart contracts, indicating higher demand
According to WhaleStats, The Sandbox has become one of the top 100 ETH whales’ most popular smart contracts, indicating a rise in demand.
The Sandbox recently publicized the sales of its real estate NFTS, which showed a whopping 180 percent year-over-year increase. The company announced roughly $1.4 billion in revenues for the same time frame. It ranked third in land market capitalization, behind only Decenterland and Otherside, with $167 million.
The Sandbox’s NFT trade volume demonstrated strong performance over the last six months. However, while there was a lot of demand for land and other NFTs offered by $SAND, The Sandbox’s native token, the platform could have done better.
For instance, the value of its shares has dropped significantly during the past six months. These results are more typical of the bearish market environment.
$SAND increased in value by over 11,000 percent at its peak. Its price fluctuated from $8.4 down to a local low of $0.38 during the bearish market of 2022.
A healthy rebound in market cap has been seen in The Sandbox over the past three weeks, indicating $SAND’s price action has been rising since the beginning of this month.
The value of $SAND has increased by almost 118 percent compared to last year. It’s near the 200-day moving average, but it’s already overbought.
There are signals that the current bull trend could be beginning to weaken. For example, while the quantity held by the top addresses showed an initial uptick at the start of the month, it has significantly decreased since January 19, 2023.
Following the recent uptick, the most valuable addresses are liquidating their holdings. Previously, since mid-month, the mean age of a coin had changed, which indicated that $SAND was going up for sale. The change also meant more investors wanted to take their profits, which was not enough to trigger a sizable pullback.
Other whales’ favorites
Chainlink joined The Sandbox on the list of top ETH whales’ most traded smart contracts.
The latest WhaleStats alert put addresses with significant balances in the sights of Chainlink’s native token, $LINK.
The token decreased from its most recent monthly high by as much as 10 percent. This change places it within the 50 percent RSI level and the 50-day moving average, where it is expected to bounce off.
The price had already begun to indicate that it might go up again. Some observations show why the downside may have been in the short term.
The observations imply that $LINK still has to improve in several areas, such as the quantity of $LINK locked up in smart contracts, which has been in decline for the last four weeks, notably during the first four weeks of January when prices soared.
According to WhaleStats, Shiba Inu has been the most traded coin on the list. The crypto whale tracker service also reported that since January 17, the top 1,000 ETH whales had bought $422 million worth of the token.
WhaleStats had previously reported that the same whales owned about $168 million worth of $SHIB. These changes meant they bought 151 percent more Dogecoin in just a few days.
WhaleStats revealed that Shiba Inu is now the most-held digital asset by the top 1,000 ETH whales, except ETH and the stablecoins Tether and USD Coin.
The value of the meme token increased from $0.00001045 on January 17 to a high of $0.00001210, which may be related to the whale activity surrounding Shiba Inu.
$SHIB whale accretion coincides with the ecosystem’s preparation for the beta release of Shibarium. This protocol is designed to operate as a layer-2 network on top of Ethereum, just like Polygon’s Matic, Arbitrum and Optimism’s OP.