Previously, U.Today reported that widely-known NFT supporter and celebrity rapper Snoop Dog built a mansion inside the Sandbox Metaverse. The overall rise in the popularity of the token was followed by the rapid growth of GameFi and Metaverse.
According to whale tracking services, large investors are also interested in metaverse tokens like Sand, with total holdings among whales reaching $160 million. The total trading volume increase has totaled 50%.
The price action could not follow the rapid trading activity on the token and has been continuously moving in the range-bound since its most recent ATH reached on Nov. 25.
The Sandbox is a virtual reality project that utilizes blockchain technology for the gamification of the interaction process with cryptocurrencies or tokens. The project combines DAO principles and NFT technology to create a unique decentralized gaming platform experience.
According to the project, Sandbox is looking forward to introducing blockchain to the mainstream via implementation of the technology inside of the gaming industry and creating a successful "play-to-earn" model.
The SAND token that faced large funds inflows and rapid market value rise is being actively used inside the ecosystem as the utility token for bot creators and gamers.