The Sandbox is one of the most well-performing cryptocurrencies in the recent timeframes. The cryptocurrency surged towards its new all-time high at $2.41 two days ago. The cryptocurrency’s performance in during the whole year has been nothing short of phenomenal. It started off with a price of $0.037 and is currently trading hands at $2.15 – a 5,700% increase is less than a year. During the daily timeframe, the bullish momentum has not yet ended for the token and the price level has increased by more than 35% while the trading volume has fallen by the same amount. The Sandbox is the 72nd largest cryptocurrency with a market capitalization of $1.99 billion.
Why is the Sandbox surging?
FaceBook – one of the largest social media platforms – is rebranding itself to Meta. The goal behind the rebranding is Mark Zuckerberg’s commitment to build their own metaverse. Metaverse projects like Sandbox have exploded in the recent timeframes because investors saw FaceBook’s rebranding as advocacy in favor of the metaverse technology. As the metaverse technology is explored even further, it is expected that top decentralized metaverse projects like Sandbox will benefit indefinitely.
The network has also been hustling with other developments that are expected to help further boost the bullish momentum of the token. Ubisoft – one of the world’s largest video game companies – is backing the firm behind Sandbox. With the strong support from Ubisoft, the token’s firm can make headway in their development. Moreover, the firm – Animonica Brands – had also anno9unced a partnership with the leading artist Snoop Dogg. Snoop Dogg will enter the Sandbox’s metaverse by creating a digital replica of his mansion.
Is the price rally sustainable?
The cryptocurrency market is susceptible to volatile shifts up and down which cause a lot of investors to be hesitant. While market corrections are inevitable, they do not negate the long-term potential of a coin. In the case of Sandbox, the future outlook for the cryptocurrency is bullish. It has strong fundamentals in the shape of the technology backing it while the future outlook is further supported by the technicals as well.
According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $2.40 in a year’s time while the five-year projection places it at $5.43. Digital Coin Price is even more bullish on the Sandbox token and predicts the closing price in 2021 to be at $3.18 while the price is expected to reach $7.18 by 2026.
