The pseudonymous host of crypto YouTube channel Coin Bureau says one Ethereum-based gaming altcoin is primed to surge within the coming weeks.
In a brand new video, the analyst referred to as Man tells his 1.62 million YouTube subscribers that The Sandbox (SAND) might grow to be the largest gaming cryptocurrency available on the market.
SAND is the native token for The Sandbox, an Ethereum-based digital world that permits followers of video video games to construct, personal and monetize their gaming experiences. SAND is the 63rd-ranked crypto asset by market cap, buying and selling at $3.36 at time of writing, up greater than 33% up to now seven days.
Man nonetheless thinks the gaming altcoin has room to develop.
“SAND appears to be fairly overextended, however it’s not crashing practically as shortly as I anticipated. The truth is, it appears like its uptrend is scheduled to proceed.
This is for a number of causes: First, NFTs. As I discussed a number of moments in the past, NFTs from the Sandbox are among the most traded of any NFT assortment. Many of those purchases are being made in SAND, which creates demand.”
The pseudonymous analyst additionally notes that SAND’s mid-sized market cap means it would take much less money to push up the worth relative to bigger metaverse cryptos equivalent to Axie Infinity’s AXS.
Man additionally argues that SAND’s tokenomics are “sturdy.”
“SAND has a most provide of three billion, its preliminary and present distribution is stable, and its vesting schedule is evenly unfold out.
Now that mentioned, it’s value mentioning that we’re approaching one other vesting cliff that’s set to start in December. This will see one other 300 million SAND unlocked and probably offered on the open market. The final vesting cliff occurred again in July and it appears to have suppressed the worth of SAND round that point. This means we might see the identical factor occur once more come December 1st.
Now, even so, SAND’s technicals are wanting good, and that’s the fourth purpose why it’d proceed transferring to the upside. If my measurements are appropriate, we might see SAND rally by 2x within the coming weeks, assuming the remainder of the crypto market doesn’t crash, after all.”
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