Sandbox SAND/USD, the native token of the Sandbox platform, is on a tear as it trades in record territory, even as the rest of the cryptocurrencies are having a forgettable week.
Sandbox Tops $4: Sandbox has been in rally mode since Tuesday. After falling by 1.6% on Monday, the crypto rallied 15.61% on Tuesday and added another 16.54% on Wednesday to reach $3.7641.
With the buying continuing into Thursday, the coin crossed above the $4 threshold.
The upside has also been accompanied by heavy volume. The week's rally has taken the crypto's valuation to over $3.7 billion, giving it a rank of No. 48 in terms of overall crypto market capitalization.
Why It's Important: Sandbox is a blockchain-based virtual world, allowing users to create, build, buy and sell digital assets in the form of a game. It was launched by Pixowl in 2011.
Sandbox creates a decentralized platform for the gaming community, combining the powers of decentralized autonomous organizations and non-fungible tokens. It creates a metaverse of involved players who contribute to the platform's further development.
Related Link: Is Sandbox (SAND) A Good Investment
The Sandbox ecosystem has Voxedit, an asset creation tool for producing NFTs that can be used in-game; an NFT marketplace for creators to trade their assets; and the SandBox Game Maker, which allows anyone to build, share and monetize 3D games on the Sandbox platform.
The platform has secured over 50 partnerships, including with Atari, Crypto Kitties and Shaun the Sheep, to build a fun, creative "play-to-earn" gaming platform, owned and made by players.
Sandbox has a circulating supply of 892.25 million SAND coins and a maximum supply of 3 billion SAND coins.
In early November, the Sandbox platform raised $93 million from investors in a Series B funding round led SoftBank Group Corp. SFTBY. The recent run in the crypto is catalyzed by the expected the launch of the Sandbox Alpha on Nov. 29. It is scheduled to run for three weeks until Dec. 20.
In the run up to the event, Sandbox could target the $5 level, provided it can clear a resistance around $4.30, according to a crypto analyst who goes by the twitter handle @AltcoinSherpa.
At last check, Sandbox was seen trading 31.51% higher at $4.62 on volume of $5.7 billion, according to CoinMarketCap.
Related Link: How to Buy Sandbox (SAND)
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