SAND is not mirroring the rest of the market and here’s the reason why

ambcrypto.com:

Following a month-long decline and the hawkish remarks made by Fed Chair Jerome Powell, crypto-investors finally saw some relief over the last 10 days on the back of the market’s appreciation. 

According to CoinGecko, the global cryptocurrency market capitalization has grown by 9% over the last 30 days. The past week saw the price of “failed” coins like LUNC and LUNA rally by 235% and 96%, respectively. Assets such as HNT, ATOM, ETC, EOS, and GRT have all recorded double-digit gains of >10% in the last seven days too. 

Worth pointing out, however, that Metaverse tokens seem to have missed out on a lot of that growth. ApeCoin’s APE rallied by a mere 7% over the week, Sandbox’s SAND saw 6% gains, while Decentraland’s MANA hiked by just 2%. 

Ergo, it would seem that investors’ attention has shifted from highly volatile metaverse-linked assets to more secure assets like stablecoins. 

A simple Google Trends search reveals that interest in Metaverse-related activities has dropped significantly over the past few months. Hence, the failure of Metaverse-linked crypto-assets to see any major price growth over the past few weeks can be explained.

Source: Google Trends

According to CoinMarketCap, SAND was trading at $0.983 at press time. Ranked 40th by market cap, its price appreciated by 1% over the last 24 hours. Trading in a tight range since the middle of August, the Metaverse token traded around its October 2021 price level. It was also 88% shy of its all-time high of $8.44 clinched last November. 

On the daily chart, a look at the token’s Moving Average Convergence Divergence (MACD) revealed the commencement of a new bull cycle on 4 September. However, this cannot be taken as an indication of SAND’s performance as it merely follows