• The Sandbox [SAND] token has seen a 55.41% increase in the last 30 days, largely dependent on the performance of Bitcoin [BTC].
• According to the Market Value to Realized Value (MVRV) Ratio, holders of SAND have significantly benefited from the rally.
• The Sandbox recently confirmed new partnerships as development activity on the network decreased.
The Sandbox [SAND], a blockchain-based virtual platform, has seen an incredible run in the past 30 days, registering a 55.41% increase as of press time. Such an unprecedented success has caused many to take notice, as on-chain data has revealed an increase in circulation due to the rally. Despite the impressive numbers, the future of SAND largely depends on the performance of Bitcoin [BTC], as IntoTheBlock’s data has revealed a 0.97 correlation between the two.
The Market Value to Realized Value (MVRV) Ratio has shown that holders of SAND have massively benefited from the rally. On January 15th, the 30-day MVRV Ratio was recorded at 38.61%, before retracing a bit and then skyrocketing to the current level of 33.83%. Such a surge in the Ratio is a sign of a healthy market, as it reflects that the majority of the token holders are in profit.
Meanwhile, development activity on the network has decreased. The blockchain-based virtual platform has been down to 0.95 according to Santiment, before increasing to 2.07. Despite the decrease, The Sandbox recently confirmed new partnerships. Therefore, it appears that The Sandbox is still committed to upgrading the network despite the slight decrease in development activity.
Whether or not The Sandbox can continue its success depends largely on the performance of Bitcoin [BTC]. If the king of cryptocurrencies continues its bullish trend, then SAND has a chance to build on its unprecedented recent success. However, if the market experiences a correction, then the token’s future remains uncertain.