The Sandbox (SAND) metaverse token gains 40% after Snoop Dogg, Warner Music partnership

Sandbox (SAND), despite the negative sentiment of the market over the past 24 hours, refused to fall. Altcoin recovered instead, as traders saw its recent high-profile partnerships and deemed them to be a sign of strong fundamentals.

SAND rose 10.23%, to $3.38 at UTC close Jan. 27, followed by a 5.42% jump to $3.57 Friday. Bitcoin (BTC) fell 1.41% in the same period.

Daily price chart for SAND/USD Source: TradingView

SAND adoption booms

After the Sandbox announced partnerships between American rapper Snoop Dogg, Warner Music and a major record company, traders decided to increase their exposure for SAND.

Snoop Dogg posted a teaser tweet on Jan. 27, which appeared to show what appeared to be his forthcoming nonfungible token collection (NFT), dubbed “the Snoop Avatars.” Snoop Dogg also hinted that his avatars would be part of the Sandbox metaverse.

There’s something big coming soon. Keep up 2 date @TheSnoopAvatars @TheSandboxGame https://t.co/GkqdAJE10L
— January 26, 2022, Snoop Dogg (@SnoopDogg).

The Sandbox later announced, with Warner Music’s help, that it would build a music venue and theme park within its metaverse. The gaming project pointed out that Warner Music artists would engage with their fans and generate real revenue streams.

Cointelegraph’s Sebastien Borget, chief operation officer and cofounder of The Sandbox said, “We’re creating The Sandbox as an entertainment destination where creators and fans can enjoy first-of a kind immersive experiences and be closer to their favorite musicians through NFTs.”

The high-profile partnerships have boosted prospects for SAND to find new takers. This is due to the token’s primary role within the Sandbox metaverse as a medium for exchange, governance and stake. It performed better than its top-ranking crypto competitors on Thursday.

What’s next for SAND and its future?

The latest round of buying coincided with a slow recovery in the wider cryptocurrency sector, which began on January 24th.

The crypto market’s net value increased by more than $150 billion between its Jan. 22 nadir and Friday’s peak. SAND, which was recovered along with other assets, reached $2.56 and then rallied over 40% in four days.

Daily price chart for SAND/USD Source: TradingView

SAND price confirmed its 200 day exponential moving average (200-day EMA) as interim support following the bounce. Sand’s upside momentum towards the 50-day EMA, the red wave, near $4.50 will be possible if the euphoria around Warner Music and Snoop Dogg partnerships continues.

Independent market analyst Cantering Clark doubted that the upside setup was possible. He reminded that SAND’s pump could have provided a “helpful exit” for holders before a bearish continuation.

com. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/the-sandbox-sand-metaverse-token-gains-40-after-snoop-dogg-warner-music-partnership

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