The Metaverse like The Sandbox and Decentraland and the growing demand of NFTs is reaching the point where every celebrity, every company wants to be a part of it.
Not only are they used as a method to increase their reach within the community, but they also turn into a marketing tool that grabs the attention of the mainstream audience.
Snoop Dogg Joins The Sandbox
One of the biggest names in the music industry, Snoop Dogg, recently announced his very first avatars arriving on The Sandbox. These 10,000 avatars will be released on February 22, and the announcement came less than two days ago.
Normally, news like this is expected to propel SAND upward. In reality, however, SAND moved in the exact opposite direction.
Tha Doggies. On the sandbox. My first 10,000 avatars ever droppin 22-2-22. Be ready. check it @TheSnoopAvatars #twotwotwentytwo pic.twitter.com/zbad8YDrKZ
— Snoop Dogg (@SnoopDogg) February 16, 2022
Not only did it set three red candles in a row, but the dip was massive enough to place The Sandbox on top of the top 100 cryptocurrencies’ losers. In the past 72 hours, SAND managed to fall 18.55% to trade at $3.62, adding further to February’s 25.22% drop.
The Sandbox has lost 25% in the last 10 days | Source: TradingView – AMBCrypto
This further contributed to the continued loss in the tally of investors who had believed in the token. With over 62.75% of investors not witnessing any gains yet, these investors are actually in a much worse shape than their competitor Decentraland’s investors.
However, an on-chain wallet comparison indicates that while only 78% of Sandbox wallets are making a profit, 92.9% of Decentraland’s wallets are making a profit.
The Sandbox vs Decentralands Portfolios in Profit | Source: Dune – AMBCrypto
But most of the losses are seen by 5.91k higher amounts. These addresses bought their holdings around 20% off the all-time high of $7.4, leaving them only prone to further losses if the price were to fall again.
The condition of The Sandbox may not be much of a concern, as nearly 85% of the SAND stock is dominated by whales. Cumulatively, these 10 whales occupy more than 2.55 billion SAND.
The Sandbox has an 84% whale dominance | Source: Intotheblock – AMBCrypto
In addition, 65% of all addresses are actually HODLers who have held their SAND for more than 1 year.
Distribution of SAND holders | Source: Intotheblock – AMBCrypto
So, as long-term players, these whales and the small group of investors may not need to worry much about the price action. Primarily because the increasing hype of The Sandbox could eventually push the token back up again.
This post This coin continues to lose streak despite Snoop Dogg’s upcoming NFTs
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