May 12 saw crypto market slaughter exacerbated by Terra [LUNA] and TerraUSD [UST] crashing to unimaginable lows. However, on May 13, Bitcoin and Ether saw a recovery of more than 5% per day. This also gave a boost to the alts. All in all, the drama has significantly changed the way investors think about their favorite assets.
However, have recent circumstances convinced metaverse token investors to rethink the way they handle a particular project? Let’s see what the statistics say.
I have more. † .Turn right?
The sandpit [SAND] should have been famous for its potential as a blockchain based world building platform. Instead, it’s largely seen as the kind of asset that investors buy low so they can sell high and get out. Still, at the time of writing, SAND was the 40th largest cryptocurrency by market capitalization. The token traded at $1.36 after rallying 17.52% in the past day and falling 34.16% in the past week.
So are investors ready to commit to SAND, or will it slip through their fingers? You see, SAND’s supply on exchanges has surged by tens of millions of tokens to reach levels seen in late February, meaning the latter is more likely.
Source: Santiment
One major incident that happened, however, was a massive spike in SAND’s Age Consumed stat on May 5. This tells us that a large number of inactive tokens have moved even as the price of SAND fell. This statistic increased again slightly at the time of going to press, suggesting that investors are paying more attention to the asset.
Source: Santiment
Meanwhile, when studying whale transactions over $100,000, we can see that they started to rise as the price of SAND fell. Shortly afterwards, the recovery began. While it’s possible whales bought into the dip, data on supply exchanges suggest profits could be made again.
Source: Santiment
A bird in the SAND is worth two in the bush?
While a green candle was forming at press time, that’s no sign for the bulls to jump in. The Awesome Oscillator [AO] showed red bars growing in height below the zero line – a sign of mounting bearish pressure.
Added to this is the Relative Strength Index [RSI] showed that SAND was an oversold asset shortly before going to press.
Source: TradingView
This post Will the sandbox? [SAND] investors recovering from this market crash
was published first on https://ambcrypto.com/will-the-sandbox-sand-investors-mend-their-ways-after-this-market-crash/
