By riding super high on partnerships, metaverse explosion, and play-to-earn fad, the Sand token touched unprecedented milestones in 2021. One can understand the craze for Sand and market explosion by simply evaluating the fact that a $500 invested in the Sand token on January 1, 2021, would have become $73,000 by November 2021.
Such growth is unparalleled but Sand token did deliver a 14,530% yield which sounds surreal for many. However, lately, we have seen bloodbaths on the charts with a continuous plunge from as high as $8.4 recorded in November 2021 to $3.81 at the time of writing.
Why is Sand Token Falling?
Basically, the token hasn’t been falling due to a lack of trust in the project or any other shortcomings but the continuous financial tapering practiced by the Federal Reserve. Whenever the Fed tapers bond-buying and increases the interest rates, all other related assets come crashing down as evident from the past. In turn, the entire crypto market was seen lower, wiping out more than $500 Billion in market cap. Altcoins such as the SAND token are known to follow Bitcoin’s path, and currently, it is a downward one.
However, one striking thing to notice is that despite such a sharp fall from $8.4 to $3.81, investors who bought Sand by the same time of the year in 2021 are still in a decent or one could rightfully put as super profit with returns as high as 7500%.
Having said that, it wouldn’t be a wise idea to give up on gaming and metaverse tokens since the future technologies/innovations would be majorly built on top of them after witnessing the craze lately for an immersive digital experience. So, this makes us question what new developments are happening around the Sand token which could push prices further ahead and compel Sand folks to HODL for long.
What Are The New Developments Around The Sand Token?
Staking has been a golden goose in the crypto-verse and investors have stacked a lot of money by staking their tokens. However, while staking their tokens, they need to include token pairs. For example, if you want to stake in an ETH/USDT pool, if you deposit $1000 in ETH, it will distribute $500 ETH and $500 USDT.
However, that scenario is going to change with a Sand metaverse where only one token staking occurs starting 2022. Since the new staking pool has been launched on the Polygon chain, the users can bypass high gas costs and stake their Sand Tokens for enjoying unprecedented benefits.
The Sand ecosystem has also proposed a new roadmap for 2022 where they will introduce Game Maker Foundation and Creator Foundation to build their ecosystem stronger for the future ahead. To ensure that the goal must be achieved, developers would be remunerated for developing innovative games within the SandBox ecosystem under the new initiative as proposed in the road map.
The awards could go as high as $30000 distributed in a specific proportion which could either be the full amount or a part of it distributed to 1,000 creators and 100 game developers for their creative and innovative thinking to build revolutionary games.
Sand Token Price Analysis
All of these above-mentioned developments establish bright days ahead for the Sand Token; however, let’s do a quick TA to find out the price analysis for 2022.
The downtrend continues for the Sand token where it had already lost 63% this week but a support formation within the price level of $2.56 could be a silver lining among dark clouds for investors. If Sand could sustain the $2.56 level, we could very well see a reversal in the coming weeks where Sand Token could again touch the $5 mark positively.
The reason for the same is the MACD line of the 4-hours chart suggesting that there’s a bullish momentum in formation. Nevertheless, if lines do converge as evident from the chart and they do intersect at some point, it would undoubtedly cause the prices to further retrace to even lower levels than it is now.
Where to Buy Sand Token?
Keep a hardware wallet for always storing your crypto safe and secure while investing in cryptocurrencies, since they keep your private keys offline.
