Sandbox (SAND) has defied the recent market gloom. Traders regarded previous high-profile partnerships as a reflection of the project's good fundamentals.
Traders got more exposure to SAND when the Sandbox announced agreements with Snoop Dogg and Warner Music.
On Jan. 27, Snoop Dogg previewed his upcoming "Snoop Avatars" nonfungible token collection. Also, the rapper said his avatars would be in the Sandbox metaverse.
The Sandbox later announced a partnership with Warner Music to create a music theme park and performance venue inside its metaverse. Warner Music artists will be able to engage electronically with their fans and generate revenue, according to the game effort.
According to Sebastien Borget, co-founder of The Sandbox and chief operations officer of the company, "we're growing The Sandbox into a fun entertainment destination where producers, fans, and gamers can enjoy unique immersive experiences and engage with their favorite musical artists through NFTs."
The high-profile deals raised the possibility of subsequent SAND takers. This is because the token is the primary asset in the Sandbox metaverse, used for trade, governance,, and staking. So it surpassed most of its top-ranked cryptocurrency rivals on Jan. 27.
The latest buying binge coincides with the industry's rocky recovery that started on Jan. 24.
The bitcoin market gained almost $150 billion from Jan. 22 and Jan. 28. SAND, like other assets, rose from $2.56 to almost 40% in four days.
After the rise, SAND found temporary support at its 200-day exponential moving average (200-day EMA; the blue wave in the chart above). Sand's positive momentum may accelerate through the 50-day exponential moving average (red wave) at $4.50 if the Snoop Dogg and Warner Music agreements continue.
On the other hand, independent market analyst Cantering Clark doubted the rising scenario, stating that the sand pumps might have provided an "investment benefit before a likely negative continuation."
Former Goldman Sachs CEO Lloyd Blankfein said the bitcoin ecosystem has evolved over the previous year. So, despite the recent price decline, he planted the seeds of confidence for the digital asset market.
The former US CEO of Goldman Sachs has not always been sympathetic to bitcoin. He questioned bitcoin's usefulness as a value store in early 2021 owing to its excessive volatility. He also mentioned private keys, suggesting that they are confusing to lose.
During a recent interview with CNBC, Blankfein was more supportive. He predicted that bitcoin and altcoins drew billions of dollars in 2021. "Crypto is happening," says the 67-year-old American, even though most digital assets have been in the red for days.
"My viewpoint is shifting." I can't predict the future, but I think it's important to know what's going on now. And I see it in the crypto."
Blankfein said the current price decrease is not caused for concern given the large sums already invested in the asset class. He said that bitcoin and altcoins have "instantaneous transfer and credit risk reduction" for the financial network.
Then he said, "I would certainly want to kayak in that water," hinting he may join the Bitcoin bandwagon.
While Blankfein thinks "crypto is happening," the market is calm. Most digital assets have been falling since January. Bitcoin is also having a bad year. The year's most valued coin was worth about $47,000.
The asset plummeted further in early 2021 as the Federal Reserve announced plans to handle the US monetary crisis.
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The Dallas Mavericks owner and crypto enthusiast Mark Cuban said that Bitcoin is not and never will be an inflation hedge.
Bitcoin fell more in the weeks that followed, and it is now trading about $34,000.
