Marinade Staked SOL (msol) 
SAND Token Surges to 28-Month High Amidst Ecosystem Developments
The Sandbox’s native token, SAND, has broken out of a prolonged lull, driven by the protocol’s ecosystem developments and renewed interest from whales. On Thursday, Dec. 5, SAND rose over 40% to hit a 28-month high of $1.06, bringing its market capitalization to over $2.27 billion.
Recent Gains and Market Performance
Over the past week, SAND has surged by 57%, with a 173.6% gain in the past two weeks and a 303% increase over the last month. This significant growth is accompanied by a jump in daily trading volume and open interest in the futures market. Daily trading volume for SAND stood at $4.1 billion over the past 24 hours, representing a 95% increase.
Open interest in the SAND futures market also saw a notable increase of 19.87% over the previous day, reaching $228.58 million. This significant jump in open interest suggests growing investor interest in the altcoin.
Driving Factors Behind SAND’s Rise
The majority of the gains recorded in the past 24 hours can be attributed to the project’s announcement of two new Sandbox Improvement Proposals (SIPs). These proposals aim to add more engaging content to the platform, including the development of Episode 2 of the popular survival horror game Deep Sea and the introduction of a player inventory filter within the Game Client.
The ongoing Alpha Season 4, featuring a $2.5 million reward pool in SAND, has also contributed to the momentum. Participants can earn rewards by completing various quests and challenges crafted in collaboration with major brands and franchises.
Whale Accumulation and Market Sentiment
Whales have recently shifted their focus to the leading metaverse token, with SAND whale holder net flows shifting from a net outflow of $2.2 billion to a net inflow of $8.2 billion. This accumulation often prompts retail investors to follow suit, driven by the fear of missing out (FOMO) on potential gains.
Despite the significant rise in whale investments, the percentage of total addresses in profit remains around 50%. This alleviates fears of immediate whale selloffs, as nearly half of the holders are still at a loss and may choose to wait for further gains in the altcoin before initiating a selling spree.
Metaverse Crypto Sector Revival
The surge in SAND is part of a broader comeback for the entire metaverse crypto sector, which had previously experienced a significant downturn. Over the past 24 hours, the sector’s market capitalization jumped 5.29%, now sitting at over $30.68 billion. Trading activity also spiked, with volume soaring 64.5% during the same period.
Other notable metaverse tokens, such as Render and Stacks, also posted double-digit gains, indicating a sector-wide revival.
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