Sandbox token SAND rallies 260% in November, Here’s the Catalyst Behind the Price Surge
The native token of The Sandbox, SAND edged even higher on November 23, building on its month-long gains to reach a new record high.
Sandbox Token Month-to-date Gains Hit 260%
Despite the price of SAND rising to $5.64 during the day, it has since retraced some of those gains and is now trading at $5.41 at the time of writing. With that move, the token’s year-to-date and month-to-date gains have reached 14,700% and 260% respectively, bringing its market capitalization a little over the $5 billion mark. Thus, making the token rank as the 41st-largest coin in the crypto sector.
Meanwhile, the boastful SAND price rally of this month can be attributed to many catalysts, especially the recent announcement by the Sandbox. Sandbox recently mentioned its intentions to launch part of its metaverse via its multi-week play-to-earn Alpha event that’s skated to begin on November 29 at 1:00 pm UTC.
Here’s The Major Catalyst of SAND’s Rally
The blockchain startup confirmed in its statement, that it would be selecting up to 5,000 random players to earn up to 1,000 SAND (equivalent to $5,540), alongside 3 nonfungible tokens (NFT) for spending time on all 18 Sandbox’s virtual experiences.