SAND is the original token of the Sandbox metaverse and is used to facilitate gameplay transactions such as purchasing digital land and interacting with user-generated content.
- Sandbox started as a collaboration between Pixowl and developer Onimatrix
- Binance has listed SAND and is already available for trading on its platform
- The token is responding positively to this development, trading at $0.86 as of press time
Besides crypto assets and NFT-type LAND tokens, SAND makes everything possible for Sandbox to give its users the best gaming experience.
Released as a mobile game in 2012, Sandbox was started by a collaboration between Pixowl and developer Onimatrix.
Six years later, in 2018, Pixowl was acquired by Animoca and announced its intention to leverage blockchain technology to create a 3D world and take advantage of the economics of tokens and user-generated content.
In August of 2020, Sandbox held an Initial Coin Offering (ICO) and was able to raise $3 million which was then used to fund its future operations.
Sand is now listed on Binance
Binance US and Sandbox have already confirmed that SAND has been listed on the cryptocurrency exchange.
The token responded positively as it showed significant price action. As of this writing, according to tracking from CoinGecko, SAND is Trade at $0.8644.
Its current price is higher than the closing price of $0.83 on October 4 when the listing was announced.
With this development, SAND has managed to break free from a slump that has put it in a downtrend for quite some time now.
In fact, many indicators such as the Awesome Oscillator (AO) and the Relative Strength Index (RSI) are indicating bullish momentum for the Sandbox symbol.
Push towards the $1 sign
After such an important event in the gaming metaverse, crypto enthusiasts are already looking forward to what comes next for the token.
The trend lines on the daily time frame point to the support level at $0.807 as it struggled to surpass the $1,011 resistance mark throughout the entire September period. Due to this failure, the SAND resistance decreased slightly to $0.90.
In the cryptocurrency space, the resistance level indicates the point at which the price of the asset is experiencing difficulties in increasing.
With that being said, a potential rally towards the much-needed $1 level could still be in jeopardy. However, if the SAND is able to break out of its current trading price range, there is a strong possibility that it will hit the target.
One of the potential things that could help the asset achieve this goal is the expected growth in buying activity now that it is already listed on Binance and has access to more potential buyers.
SAND total market cap at $1.29 billion | Featured image from Cryptopolitan, Chart: TradingView.com