Cryptocurrency analyst Guy, who runs one of YouTube’s top channels on cryptoactive analytics, noted that a play-to-earn-style gaming altcoin built on ETH is poised to grow in the coming weeks.
In a new video, the analyst pointed out that The Sandbox (SAND) could become the largest gaming cryptocurrency on the market.
SAND is the native virtual world token based on ETH. Cryptoactive allows video game fans to build, own and monetize their gaming experiences. And as Guy pointed out, the token is the bet of the moment.
In the last 7 days, SAND has already registered an impressive increase of over 33%. Already in the accumulated since it was launched this year, the high has already passed 6,000%. However, the analyst thinks gaming altcoin still has a lot of room to grow.
“SAND seems to be very overwhelmed. But it’s not crashing as fast as I expected. In fact, it looks like its uptrend is set to continue,” he said.
According to the analyst, this occurs for two reasons. First, he believes the token will value due to its NFTs which are some of the most traded in the ecosystem.
“Many of these purchases are being made in SAND, which creates demand”, he points out.
Also, second, the analyst noted that the market value of SAND means the token will need less money for the price to jump compared to larger metaverse cryptoactives like Axie Infinity’s AXS.
“SAND has a maximum supply of 3 billion. Its initial and current distribution is solid and its rights acquisition schedule is evenly distributed”, he points out.
Also, according to him, about 300 million SAND will be unlocked and potentially sold on the open market in December.
“The last time this happened the price of SAND skyrocketed. That means we can see the same thing happen again on December 1st,” he said.
Finally, he also noted that the charts also point to a rise in cryptocurrency:
“If my measurements are correct, we could see the SAND rise twice in the next few weeks, assuming the rest of the cryptocurrency market doesn’t collapse, of course.”