- The Sandbox’s utility token is one of the worst-performing tokens in the current market cycle.
- SAND has traded below $0.35 for four consecutive weeks.
Bitcoin [BTC] and most altcoins registered mild gains on the 14th of August after the U.S. Bureau of Labor Statistics released July’s Consumer Price Index (CPI) data, which delivered a better-than-expected print.
However, crypto prices across the board quickly reversed course, erasing the gains ahead of the daily close following reports of the U.S. government moving roughly 10,000 BTC to a Coinbase wallet.
The news induced fears of a market dump, triggering a sell-off.
The trading session of the 15th of August delivered more losses as the prices of high-cap cryptocurrencies, including Ethereum [ETH], fell again.
The Sandbox [SAND] fell alongside other cryptocurrencies, marking its second consecutive daily red candle. Also, market data shows that SAND has been one of the worst-performing tokens in the current cycle.
Source: TradingView
The metaverse token has posted negative returns of 37% since the start of 2023 compared to Bitcoin and Ethereum, which have gained 250% and 116%, respectively, during this period.
SSC Napoli’s metaverse partnership
This week, Serie A football club Napoli announced a collaborative initiative with The Sandbox, which will be its Web3 platform of choice to support entry into the metaverse.
The Italian professional club seeks to create a virtual space within The Sandbox’s ecosystem to connect its players and fans worldwide.
The venture will offer fans immersive experiences, digital memorabilia, and virtual interaction.
The Sandbox COO and co-founder, Sebastien Borget, said,
“By introducing a new vertical of entertainment and co-experience through sports, The Sandbox is becoming a premier destination where fans can connect, celebrate their fandom with fellow supporters, and engage with their favorite teams in immersive and meaningful ways.”
For The Sandbox, the partnership is significant as it strengthens its presence in the sports sector, attracting more users to its ecosystem.
It also expands the experiences and enhances the diversity of content available in The Sandbox, reinforcing its position as a major player in the metaverse space.
How is SAND faring?
In the midst of all these developments, SAND’s price climbed to $0.27 on the 13th of August and appeared to defend the level on the 14th of August before losing and dropping to $0.25.
The SAND/USDT pair ranged around this midweek low before attempting to retake $0.26 on Thursday.
In the latest price action, SAND slid sharply to $0.24, where it was trading heading into Friday. Per the zoomed-out chart, SAND/USDT was now entering its fifth consecutive week trading below $0.35.
Source: TradingView
SAND also ranged below its 20-, 50-, and 100-day exponential moving averages (EMA) on the 1-hour, 4-hour, and daily charts at press time.
Source: TradingView
Realistic or not, here’s SAND market cap in BTC’s terms
Losses deepened to new lows on the 5th of August, when the token crashed below $0.23 for the first time since June 2021.
Thus far, SAND’s price has shrunk by 58% year-to-date, and the token is trading at almost 97% below its record high.
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