FBI confirms North Korean cybercrime groups stole crypto from Horizon Bridge
Here’s how Cardano [ADA] has responded to brief network outage
Curve Finance to increase pools with additional gauges on Ethereum
Polkadot [DOT] ecosystem’s weekly digest and everything latest
Is Axie Infinity ecosystem on a downtrend? Analysis of new data reveals…
Bitcoin: As January comes to an end, here’s what you should expect next month
BTC’s hashrate leads to rising tensions- Is mining industry at a crossroads?
Bitcoin’s RPV ratio reveals if BTC bull run is in jeopardy?
Bitcoin holders are avoiding leverage in the latest rally, here’s why
Bitcoin hits four-month high as whales step in, but is there trouble incoming?
Ethereum (ETH) Price Prediction 2025-2030: Will ETH cross $3,000 soon?
Analyzing why Shiba Inu [SHIB] remained undervalued despite 37% gains
Ethereum [ETH] metric sees correction: Hopes of a bull run rise
ETH whales start favoring Shiba Inu, but can it sustain the rally?
Ethereum sees an increase in these metrics as Shanghai Upgrade nears
Published
on
By
The Sandbox’s native token SAND just made its way into the top 10 list of most purchased tokens by the top 100 ETH whales. This is according to the latest WhaleStats report and here’s why SAND holders might want to take note.
Realistic or not, here’s SAND’s market cap in BTC’s terms
If you have been holding SAND in your crypto bag, you are probably pleased with its performance since the start of January. You might also be glad to find out that the latest WhaleStats alert revealed that there is still strong demand for SAND despite its current price level.
According to the announcement, the demand from ETH whales in the last 24 hours was enough to put SAND into the 10 most purchased list.
JUST IN: $SAND @TheSandboxGame now on top 10 purchased tokens among 100 biggest #ETH whales in the last 24hrs 🐳
Check the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#SAND #whalestats #babywhale #BBW pic.twitter.com/nWQoR6vWNX
— WhaleStats (tracking crypto whales) (@WhaleStats) January 15, 2023
A look at SAND’s current position reveals why this observation is rather surprising. The token traded at $0.67 at the time of writing, which represents an 80% upside from its current monthly high.
However, it is now deep in the RSI’s overbought zone and has extended its rally well above the 50-day moving average.
Source: TradingView
Based on the overbought conditions, the market should anticipate an increase in sell pressure but it is contrary to the WhaleStats observation. This may explain why we see weak bearish attempts so far. The supply distribution metric confirms that whales are indeed buying.
Addresses holding more than 10 million SAND increased their holdings by a sizable margin in the last three days. This is the second largest whale category holding 13.87% of the total circulating supply at the time of writing.
Source: Santiment
At the same time, some whale categories are indeed selling. This is especially the case for those in the one million to 10 million and 10,000 to 100,000 SAND bracket.
There are a few other metrics that suggest that the bulls may not have enough strength to take over. This includes the positive network growth that The Sandbox has achieved in the last few days. In fact, network growth was at a weekly peak at the time of writing.
Source: Santiment
Is your portfolio green? Check out the SAND Profit Calculator
This increase in network addresses was backed by a surge in daily active addresses. Also, the mean coin age is up substantially in the last few days. This means most of the SAND accumulated in the past few days is yet to change addresses.
Source: Santiment
SAND’s observations highlighted above look like the makings of a trap for potential short sellers. The lack of enough selling pressure, backed by accumulation by ETH whales may lead to the more potential upside.
SkyBridge Capital founder to invest in crypto firm founded by former FTX US president
VeChain’s market could weaken, but short traders can gain from these levels
Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
The Sandbox reports record land sales as metaverse virtual worlds gain popularity
Is MANA outcompeting SAND in terms of popularity? Data suggests…
The Sandbox: SAND continues to remain in the spotlight despite…
With The Sandbox exhibiting mixed signals, where do SAND holders stand in 2023?
SAND could see an extended rally unless these holders change course
The Sandbox [SAND] saw a bounce from $0.43, find out where short-sellers can enter
Your email address will not be published.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.