Alongside Dogecoin and Shiba Inu, a metaverse coin project is rapidly gaining popularity among Ethereum whales.
$17 million investment in metaverse coin from ETH whales
Sandbox metaverse’s native cryptocurrency SAND has seen a significant increase in whale transactions over the past 24 hours. The reason for this interest may be Sandbox’s partnership with Standard Chartered Bank (Hong Kong). Standard Chartered is the latest in a long line of large non-Web3 firms entering the metaverse market through Sandbox.
However, the Sandbox (SAND) price has driven the overall momentum of the crypto market. It has lost about 3% of its value, following it. Meanwhile, whale wallets continue to increase their SAND holdings.
SAND carries $126 million of whales
At the time of writing, SAND is trading at an average of $2.53. Despite the latest news, it has lost more than 10% since last week. The biggest ETH whales are turning the drop into an opportunity. In the last 24 hours, many Ethereum whales have spent about $17 million on SAND. This transaction placed the metaverse coin project among the top ten tokens acquired by the top 100 ETH whales in the previous 24 hours.
Meanwhile, the market cap of the metaverse coin (approx. 27, $8 billion) fell 3.8% in the previous 24 hours. The 24-hour transaction volume of 412.6 million increased by 12%. According to Whalestats statistics, Sandbox (SAND) ranks sixth among the top ten coins in terms of trading volume.
Standard Chartered is purchasing property at The Sandbox.
As we have covered in the news of Kriptokoin.com, Standard Chartered Bank has purchased a parcel of property in the Mega City area of the Sandbox virtual area. SCBHK states that it is exploring various business models to encourage customers’ contact with the bank.
With this offer, the bank joins the metaverse and Web 3.0 market. Meanwhile, on April 28, 2022, the Sandbox map will start selling land for Mega City 2. After HSBC and Thailand’s Siam Commercial Bank, Standard Chartered is the third largest lender to buy land in Sandbox. The initiative reflects the growing interest of non-Web3 businesses in reaching potential consumers.
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