ETH Whales Add $17 Mln Worth Of SAND Tokens; Here’s Why

SAND, the native token to the Sandbox metaverse, saw a large spike in Whale buying over the past 24 hours.

The Sandbox recently entered into a partnership with the Standard Chartered Bank (Hong Kong) in order to build an innovative virtual world experience for the users. Standard Chartered joins a growing list of major non-web3 companies entering the metaverse through Sandbox.

But the Sandbox token felly 6% in the last 24 hours, tracking a broader decline in the crypto market.

Top ETH wallets hold $126 mln worth of SAND

The SAND token is trading at an average price of $2.54, at the press time. Despite the recent announcements the sandbox token is down by over 14% in the past 7 days.

The biggest of the ETH whales have seized this dip opportunity. Multiple Ethereum whales have added over $17 million worth of SAND tokens in the last 24 hours. This move has landed the metaverse token on the list of top 10 tokens purchased by the top 100 ETH whales in the last 24 hours.

An ETH wallet named “Gimli” added $5.16 million worth of 2 million SAND tokens. While another whale named “Bonobo” bought a whopping $7.77 million worth of Sandbox tokens. As per the data, the largest of the Ethereum whales holds $126.4 million worth of SAND tokens. It makes 1.5% of their total holdings.

Meanwhile, the Metaverse token’s total market capitalization (approx $27.8 billion) has shrunk by 3.8% in the last 24 hours. On the other hand, the SAND tokens 24 hour trading volume of 412.6 million is up by 12%. As per Whalestats data, the Sandbox token stands at the sixth spot on the list of top 10 tokens by trading volume.

Standard Chartered buys land in The Sandbox

Earlier, Standard Chartered Bank bought a plot of land in the Sandbox virtual land’s Mega City district. The SCBHK has been looking to explore the different business models to increase user interaction with the bank.

In this bid, the bank has entered into the metaverse and Web 3.0 opportunities. Meanwhile, the Sandbox map is opening doors for its land sale for Mega City 2 on April 28, 2022.

Standard Chartered is the third major lender to buy land in the Sandbox, following ventures by HSBC and Thailand’s Siam Commercial Bank. The move represents growing interest among non-web3 companies to expand their outreach to potential customers.