- The Sandbox utility token is one of the worst performing tokens in the current market cycle.
- SAND has been trading below $0.35 for four weeks in a row.
Bitcoin [BTC] and most altcoins posted a slight gain on August 14 after the US Bureau of Labor Statistics released the July Consumer Price Index (CPI), which delivered a better-than-expected print.
However, crypto prices across the board quickly reversed course, erasing gains ahead of the daily close following reports that the US government had moved around 10,000 BTC to a Coinbase wallet.
The news sparked fears of a market dump, leading to a sell-off.
The August 15 trading session saw more losses as the prices of high-capitalization cryptocurrencies, including Ethereum [ETH]fell again.
The Sandbox [SAND] fell among other cryptocurrencies and marked the second consecutive daily red candle. Market data also shows that SAND is one of the worst performing tokens in the current cycle.
Source: TradingView
The metaverse token has posted a negative 37% return since the start of 2023, compared to Bitcoin and Ethereum, which have gained 250% and 116% respectively during this period.
SSC Napoli’s metaverse partnership
This week Serie A football club Napoli announced a collaborative initiative with The Sandbox, the Web3 platform of choice to support access to the metaverse.
The Italian professional club wants to create a virtual space within The Sandbox ecosystem to connect players and fans around the world.
The company offers fans immersive experiences, digital memorabilia and virtual interaction.
Sandbox COO and co-founder Sebastien Borget said:
“By introducing a new industry of entertainment and co-experience through sports, The Sandbox will become a premier destination where fans can connect, celebrate their fandom with fellow supporters and interact with their favorite teams in immersive and meaningful ways. ”
For The Sandbox, the partnership is important as it strengthens its presence in the sports sector and attracts more users to its ecosystem.
It also expands the experiences and improves the diversity of content available in The Sandbox, cementing its position as a major player in the metaverse space.
How are things going with SAND?
Amid all these developments, SAND’s price climbed to $0.27 on August 13 and seemed to defend the level on August 14 before losing and falling to $0.25.
The SAND/USDT pair hovered around this midweek low before attempting to regain $0.26 on Thursday.
During the latest price action, SAND fell sharply to $0.24, where it was trading heading into Friday. According to the zoomed-out chart, SAND/USDT now entered its fifth straight week of trading below $0.35.
Source: TradingView
SAND was also below the 20-, 50-, and 100-day exponential moving averages (EMA) on the 1-hour, 4-hour, and daily charts at the time of writing.
Source: TradingView
Realistic or not, here is the market cap of SAND in terms of BTC
The losses deepened to new lows on August 5, when the token crashed below $0.23 for the first time since June 2021.
So far this year, SAND’s price has shrunk by 58%, and the token is trading almost 97% below its all-time high.