Sandbox (SAND) Drops 5%; Why It Might Fall Further

The overall crypto market woke up to red movements. Large-cap assets recorded substantial declines, erasing gains seen lately. Meanwhile, leading metaverse crypto suffered the most as bears joined the marketplace with confidence. The Sandbox revealed a five million mSAND token distribution to encourage Land Owners in the ecosystem.

Five Million mSAND Tokens Up for Grabs

The latest release had Sandbox revealing mSAND tokens available for grab on the Polygon blockchain. The project took distribution procedure snapshots on 13 May 2022. Anyone with Sandbox lands as of the declared date can claim the tokens. Nevertheless, the platform will use holders’ tier to issue mSAND.

The Sandbox began deploying a layer2 protocol on the Polygon blockchain. Its native coin, SAND, will assume the mSAND name within the ecosystem. Nevertheless, SAND price succumbed to the broad market crash, losing more than 5% within the past 34 hours. While publishing this content, the alternative token traded at $1.31. Moreover, the metaverse token lost more than 38% within the previous 30 days.

The Sandbox’s landowner roadmap (for 2022) shows a SAND tokens claim anniversary on the metaverse’s 1,000th day. That will be in September this year.

Sandbox Takes Pride Month to Metaverse

The Sandbox revealed plans to collaborate with the launched POC (People of Crypto) to revel in Pride Month. The newly launched hub will open on 24 June 2022, during the distinct ‘Belonging Week.’ That will increase web3’s culture, diversity, and representation. The collaboration will incorporate 8,430 unique avatars, while minting will start on 17 June.

The overall value of metaverse tokens declined by more than 6% within the previous day. While publishing this content, the market cap stands at $13.6 billion. Meanwhile, the 24-hr trading volume declined to $3.3 billion. SAND ranks as the 3rd largest metaverse coin, with a $1.61 billion market capitalization.

The overall cryptocurrency market experienced bearish actions within the past day. Bitcoin plummeted towards sub-$29K before a brief surge. While publishing this blog, Bitcoin fights bearish tendencies at $30,140.73. The market remains weak, and upcoming trading sessions could see new dips. Such movements will see SAND plummeting to lower levels.

Stay around for the latest crypto market updates.

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