Blockchain analytics firm Santiment says metaverse altcoin The Sandbox (SAND) is attracting more attention after whales moved massive amounts of the token to Binance.
According to Santiment, interest in The Sandbox is rising after three addresses moved 78 million SAND tokens valued at $56 million to the world’s largest crypto exchange.
The transactions caught the eye of the blockchain-tracking Twitter account Lookonchain, which Santiment credits for noticing the big whale moves.
“Another asset getting notable attention right now is SAND, after a $56 million transfer went to Binance.”
Santiment says it appears longtime holders of SAND are selling at a profit after the price has recently remained mostly stagnant.
The analytics firm predicts the selling will cause SAND to dip in price, but it may bounce back afterward.
“They will have no problem selling it even after it starts dumping, it will even accelerate the dump. But once they are done and when you see a short drop, then it might be a good opportunity to enter the SAND position.”
At time of writing, The Sandbox is valued at $0.93, nearly a 30% jump from the previous day’s high of $0.72.
Santiment also says two artificial intelligence (AI) blockchain projects, SingularityNET (AGIX) and Fetch.ai (FET), are at the top of trending crypto topics.
Santiment says that the projects are benefiting from the broader growing interest in AI.
“The AI hype will remain here with us.”
FET is valued at $0.52 at time of writing, nearly doubling in price this week. AGIX is trading at $0.56 at time of writing, up about 250% from its weekly low of $0.16.
Santiment says interest overall in crypto peaked the week of December 14, 2022, as markets appeared to be bottoming. But they say interest continues to remain after the rally to kick off the year.
“The overall amount of crypto discussions occurring on social platforms remains high after peaking the week of Dec. 14, 2022. Despite Bitcoin still being -66% from its Nov. 2021 All-Time High, the increasing interest in cryptocurrency is quite evident.”
Santiment also says smaller Bitcoin (BTC) holders appear to be re-engaging with the king crypto market, signaling trader optimism.
“There have been about 620,000 small Bitcoin addresses that have popped back up on the network since FOMO [fear of missing out] returned on January 13th when price regained $20,000. These 0.1 BTC or less addresses grew slowly in 2022, but 2023 is showing a return of trader optimism.”
Bitcoin is worth $23,255 at time of writing.
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