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- SAND HODLers have been going through losses of over 90%.
- The Sandbox launched KYC for staking as staking declines.
Current knowledge indicated that each The Sandbox [SAND] and different metaverse tokens, comparable to Axie Infinity [AXS] and Decentraland [MANA], have proven unprofitable efficiency. Regardless of the SAND token’s lack of profitability, the staff has launched a brand new staking coverage.
Learn The Sandbox’s [SAND] Worth Prediction 2023-24
To get an correct image of the state of affairs, we have to have a look at the state of SAND staking and its value motion in latest instances.
SAND HODLers at a loss
Current knowledge from IntoTheBlock has revealed a difficult state of affairs for The Sandbox token holders, with their investments displaying important losses. As of this writing, the loss proportion reached 93%, indicating that the worth of SAND holdings had plummeted by over 90%.
The one token with a better loss proportion was Axie Infinity at 95%.
To additional emphasize the extent of the losses, a 365-day Market Worth to Realized Worth (MVRV) ratio on Santiment was consulted, confirming the adverse development. The 365-day MVRV ratio stood at over -33%, indicating that in this particular interval, holders have been experiencing losses of greater than 30%.
The chart knowledge additionally indicated that SAND holders had not skilled any worthwhile moments all through this timeframe.
Supply: Santiment
The Sandbox introduces KYC staking
Regardless of the underwhelming efficiency of the SAND token, the staff lately introduced adjustments to the staking coverage. As per their 3 August tweet, the staking course of will now require KYC verification. This new coverage will even impression how customers declare earnings.
🔒 To reinforce person safety and compliance, now we have carried out KYC verification for our staking course of. Our aim is to make sure that our customers’ accounts are verified earlier than they will take part in staking or declare their earnings.
Unverified customers can nonetheless withdraw their $SAND,…
— The Sandbox (@TheSandboxGame) August 3, 2023
On the peak of its reputation in 2022, SAND noticed the staking of over $200 million value of tokens. Nevertheless, the whole staked quantity plummeted to roughly $38 million, knowledge from Dune Analytics indicated. This mirrored a major lower in staking participation.
As of this writing, over 85.8 million SAND tokens have been staked, whereas the whole circulating provide of SAND was over 2 billion. These figures present insights into the proportion of the circulating provide at the moment locked up by way of staking.
SAND-deep value development
The day by day timeframe chart of SAND revealed a regarding development of decline. The token has skilled losses for 2 consecutive days, and the press time buying and selling interval marked the third day of decline.
Supply: TradingView
How a lot are 1,10,100 SANDs value at present?
As of this writing, SAND was buying and selling at roughly $0.4, registering a lack of lower than 1% from its earlier worth.
The persistent value decline has additionally impacted SAND’s Relative Energy Index (RSI), pushing it under the important stage of 40.
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