The Sandbox CEO asked how to bring a shower at the beach, and the fortune teller stated that it’s through throwing sand dollars. Sandbox accomplished that by acquiring Cualit, and Uruguay-based technology company.
Sandbox co-founder and CEO Arthur Madrid said that Sandbox Uruguay would help the platform attracts multiple users as web3 technology evolve rapidly. He added that Uruguay is a lucrative region for tech investments, with the new-gen developers rethinking how we own and utilize data via the open Metaverse.
Sandbox native coin, SAND, reacted to this May 19 announcement with a 12% intraday surge. The alternative token lost 1% only within the past day. However, let us check the asset’s performance within the past 48 hours.
The Bullish Divergence
While publishing this blog, SAND traded at $1.29, reflecting a 4% price surge within the previous two days. Also, the 48 hours saw the token’s market cap climbing to $1.58 billion from $1.52 billion. Moreover, SAND’s trading volume noted a 115% surge within the past day.
An uptick in trading volume amid bullish price actions indicates amplified accumulation by Sandbox holders within the past day. Besides that, the Moving Average Convergence Divergence position on the charts highlighted buying pressure increase during this publication. Bulls tried to push SAND prices higher as the MACD line crossed the trend-line to the upside.
The Two Sides of the Coin
Contrary to the information mentioned above about price upticks, the on-chain analysis showed the acquisition new had little to no effect on the token’s performance. Meanwhile, the updates triggered an increase in SAND’s social dominance (within the two days).
Nevertheless, an attempt to trigger social volume upswings on May 20 welcomed a retracement, pushing the metric lower. The Sandbox saw an 18% increase in social volume within the 48 hours.
Furthermore, SAND recorded an increase in unique addresses. The acquisition led to a 4% DAA on the Sandbox ecosystem. Nevertheless, whales seemed to have scooped led tokens amid the developments. For instance, transfers worth over $1 million saw a 75% drop. Also, transactions worth more than 100K recorded a 56% plunge over the past two days.
Stay tuned for upcoming updates.
Editorial credit: AndriiKoval / shutterstock.com
