Sandbox (SAND) price rises of 100% in less than 48 hours have sparked a frenzy in the cryptocurrency GameFi industry. MANA, AXS, and GALA take the lead.
The GameFi and Metaverse sectors have led the next phase of the crypto market rise, with The Sandbox (SAND) pricing up over 100% in the previous two days. Aside with SAND, other market participants such as Decentraland (MANA), Gala (GALA), and Axie Infinity (AXS) have also seen significant rises over the last week.
The Sandbox (SAND) price revives GameFi, Metaverse sectors
Metaverse Platform The Sandbox has seen considerable network activity, with the price of its native token, SAND, increasing by more than 100% in recent days. As a result, it outperformed other leading cryptocurrencies like as XRP and Cardano.
Furthermore, on-chain data indicate that the SAND price surge can continue. According to CryptoQuant statistics, the daily transaction count for SAND has increased to 11,597, the most in the recent seven days.
The increase in SAND’s transaction count indicates that investors are positive on the asset’s recent climb, implying increased demand and involvement. Furthermore, there has been a rise in exchange withdrawal transactions, indicating a positive trend ahead. It indicates that long-term investors are withdrawing SAND from the markets, implying growing trust in the asset.
On the technical chart, SAND price has broken out of the downward-trending pattern, with the next objective of $1.40. Thus, investors anticipate another 75-80% rise ahead.
$SAND Breaking out , Ready for next leg-up🚀#Altseason pic.twitter.com/YVxrQtXl70
— Wallstreet Queen (@wsqofficial) November 24, 2024
MANA, GALA, and AXS join the party
Aside from the Sandbox (SAND) price increase, other GameFi and Metaverse tokens such as Decentraland (MANA), Gala (GALA), and Axie Infinity (AXS) have also gained 25-50% in the last week.
On the weekly chart, the MANA price has increased by more than 67% and is now trading at $0.70, with a market capitalization of $1.3 billion. If the bulls can get above the $0.70 resistance, MANA might reach $1.30, with another 100% gain on the way.
$MANA army, ready for a comeback?!📈🚀 pic.twitter.com/DCFSCKLXX4
— Solberg Invest (@SolbergInvest) November 24, 2024
Similarly, Axie Infinity (AXS) is up 42% on the weekly chart, trading at $8.13. Also, AXS’s daily trading volume has increased by 28%, surpassing $1.02 billion.
Axie Infinity, created by Vietnam-based Sky Mavis, is a blockchain-based game with a “play-to-earn” format that allows users to earn cryptocurrencies while playing. The AXS price has recovered following a double bottom formation. According to the technical chart, the next goals for AXS might be $28, $45, and $69.
$axs is forming a possible double bottom structure. these are my targets for $axs coin pic.twitter.com/x36t11TNXk
— Vinci | DEEK (@Vince26king) November 24, 2024
Hong Kong’s largest digital bank launches retail crypto trading
Retail consumers in Hong Kong may now purchase Ether and Bitcoin through the city’s largest virtual bank. They require an account and to complete a risk assessment.
ZA Bank, Hong Kong’s largest virtual bank, has introduced a new service that allows retail customers to purchase and trade Bitcoin and Ethereum directly using currency.
According to a bank statement dated November 25, Hong Kong citizens must have an account with the bank and complete a risk assessment before utilizing the new cryptocurrency service linked to the bank’s app.
Users may only purchase Ethereum (ETH) and Bitcoin (BTC) via ZA Bank. No other cryptocurrency was mentioned.
Calvin Ng, ZA Bank’s alternate chief executive, stated that the service was created in collaboration with cryptocurrency exchange HashKey to satisfy legal requirements and work toward the integration of traditional banking and cryptocurrencies.
“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities,” Ng said.
Livio Weng, CEO of HashKey Exchange, stated that the exchange will continue to collaborate “closely with ZA Bank to drive the development of the Web3 ecosystem” and provide “diversified financial services to our users.”
ZA Bank began a sandbox trial of its virtual asset trading business in October.
Retail cryptocurrency trading in Hong Kong commenced in August 2023. The Securities Futures Commission (SFC), Hong Kong’s financial regulator, presently licenses just three exchanges.
Crypto exchanges OSL and HashKey were granted licenses in 2020 and 2022, respectively. The Hong Kong Virtual Asset Exchange (HKVAX) became the third in October.
The SFC has indicated that more licenses for crypto exchanges and digital asset businesses operating in the region would most likely be issued by the end of the year.
The Hong Kong Monetary Authority approved ZA Bank in 2019, making it Hong Kong’s first and largest digital bank. ZA Bank has more than 800,000 customers. HashKey was established in 2018.
Super Pepe coin whale sells 130B PEPE, shifts focus to EIGEN
The Pepe Coin whale generated a stir among market players when it sold more over 130 billion PEPE in a few days, redirecting attention to EIGEN.
Amidst a highly volatile crypto market as the week begins, a super Pepe Coin whale turned his focus to EIGEN, sparking substantial market debates. Notably, on-chain data revealed a significant 130 billion PEPE whale selloff, although the investor also diversified his portfolio by purchasing over 200K of the Ethereum-based coin.
This position transfer, which occurred amid a decline in the meme coin and a gain in the EigenLayer ecosystem token, sparked debate about the currencies’ future trends.
Super Pepe coin whale refocuses investments, buys EIGEN
According to whale statistics from Spot On Chain, on November 25, a super whale sold 74.07 billion Pepe Coin worth $1.53 million for 448.1 ETH as the price decreased recently. Over the last three days, the same whale was caught unloading 130.2 billion meme coins, valued at $2.71 million, for 891 ETH. Although this large selling generated market volatility, it’s worth noting that the big whale still owns 3.241 trillion Pepe Coin, resulting in a 12.6x profit of $68.3 million.
However, the same whale also focused on purchasing EIGEN, exchanging 181.3 ETH for 217,348 of the Ethereum-based token in the last two days. The whale currently owns 1.608 million EigenLayer tokens, worth $4.31 million, representing an 11% profit. Overall, the trade exchange fueled tremendous excitement for the EigenLayer ecosystem’s principal token, and market analysts are keeping a close eye on the top meme coin.
PEPE & EIGEN prices show mixed actions
While the meme currency’s price fell in line with the selloff by the giant Pepe currency whale, the Ethereum-based coin surged due to buying pressure. The PEPE price was down 2% intraday and 5% weekly, trading at $0.00002026. Its 24-hour low and high values were $0.00001918 and $0.00002086, respectively.
EIGEN’s price rose about 7% intraday and 23% weekly, reaching $3.06. The coin’s lowest and highest 24-hour prices were $2.56 and $3.07, respectively. While crypto market players remain hopeful about the Ethereum-based token in light of the enormous accumulation, the remaining massive PEPE holdings add an element of interest to the top meme coin’s future price movement.
Intriguingly, a recent Pepe coin price study revealed that the meme coin is targeting $0.000025, with substantial potential for additional growth. This hopeful forecast comes amid favorable technical patterns on the frog-themed cryptocurrency’s price chart. Market observers continue to keep an eye on both coins for potential price movement swings, while the larger market exhibits price volatility.
