Animoka Brands Buys 20 Million Sand Tokens, Coming Pump?
Amidst the confusing mood of the cryptocurrency market, Sandbox (SAND), creator of the Animoka brand, has received special attention from crypto enthusiasts due to its recent acquisition. In the year On October 26, 2024, blockchain transaction tracker EyeOnChain on X (formerly Twitter) brand Animoka bought 20 million sand tokens worth $4.95 million from Binance.
Animoka brand bought 20 million sand
This significant purchase was made in two separate transactions using the wallet address “0x80AD”. In the first transaction, the company issued 15 million coins worth $3.98 million, followed by 5 million tokens worth $1.33 million. However, the firm later indicated that the purchased SAND was transferred to another wallet address “0x3Ac”.
These significant token issuances come at a time when the price of SAND has experienced a continuous decline in value and has experienced a decline of more than 14% in the past week. Additionally, Animoka's wallet address “0x80AD” currently holds 25 million coins worth $6.16 million.
SAND price momentum
Despite this significant move, SAND has experienced a price decline of more than 6.5% in the last 24 hours and is currently trading at $0.244. During the same period, the trading volume increased by 55%, indicating a buying opportunity due to high participation from traders and investors.
SAND technical analysis and upcoming levels
According to Expert Technical Analysis, SAND has been moving in a parallel channel pattern between $0.234 and $0.304 and is currently at the lower bound of the pattern. Based on recent price action, whenever the asset price reaches this level, it faces buying pressure and faces a price increase of over 27%.
At this point, experts and traders have similar expectations from SAND, which is probably the reason behind this significant token purchase.
Although this is a bearish view, SAND is currently trading below the 200 exponential moving average (EMA) on the daily timeframe, indicating a bearish trend. The Relative Strength Index (RSI) is in the oversold zone, suggesting a possible rally in the coming days.
