Blockchain analytics agency Santiment says metaverse altcoin The Sandbox (SAND) is attracting extra consideration after whales moved large quantities of the token to Binance.
In line with Santiment, curiosity in The Sandbox is rising after three addresses moved 78 million SAND tokens valued at $56 million to the world’s largest crypto alternate.
The transactions caught the attention of the blockchain-tracking Twitter account Lookonchain, which Santiment credit for noticing the large whale strikes.
“One other asset getting notable consideration proper now’s SAND, after a $56 million switch went to Binance.”
Santiment says it seems longtime holders of SAND are promoting at a revenue after the value has just lately remained largely stagnant.
The analytics agency predicts the promoting will trigger SAND to dip in worth, however it could bounce again afterward.
“They may don’t have any downside promoting it even after it begins dumping, it’s going to even speed up the dump. However as soon as they’re accomplished and once you see a brief drop, then it is likely to be an excellent alternative to enter the SAND place.”
At time of writing, The Sandbox is valued at $0.93, practically a 30% leap from the day before today’s excessive of $0.72.
Santiment additionally says two synthetic intelligence (AI) blockchain initiatives, SingularityNET (AGIX) and Fetch.ai (FET), are on the high of trending crypto matters.
Santiment says that the initiatives are benefiting from the broader rising curiosity in AI.
“The AI hype will stay right here with us.”
FET is valued at $0.52 at time of writing, practically doubling in worth this week. AGIX is buying and selling at $0.56 at time of writing, up about 250% from its weekly low of $0.16.
Santiment says curiosity general in crypto peaked the week of December 14, 2022, as markets gave the impression to be bottoming. However they are saying curiosity continues to stay after the rally to kick off the yr.
“The general quantity of crypto discussions occurring on social platforms stays excessive after peaking the week of Dec. 14, 2022. Regardless of Bitcoin nonetheless being -66% from its Nov. 2021 All-Time Excessive, the growing curiosity in cryptocurrency is kind of evident.”
Santiment additionally says smaller Bitcoin (BTC) holders seem like re-engaging with the king crypto market, signaling dealer optimism.
“There have been about 620,000 small Bitcoin addresses which have popped again up on the community since FOMO [fear of missing out] returned on January thirteenth when worth regained $20,000. These 0.1 BTC or much less addresses grew slowly in 2022, however 2023 is exhibiting a return of dealer optimism.”
Bitcoin is value $23,255 at time of writing.
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