The Sandbox surged by more than 60% since the start of the year, breaching $0.17. The rally mirrors the recent upswing in Axie Infinity (AXS). Data shows that Upbit traders have been among the primary drivers of the surge, with Upbit accounting for more than 23% of SAND’s total trading volume.
Upbit’s price premium relative to other exchanges signals localized demand. Domestic investors appear to be reengaging with gaming-related themes, with Artemis data showing the sector leading the market since the start of the year. Capital inflows into this space have continued, and if a similar pattern to AXS persists, SAND could push higher.
Analysts expect SAND to break the $0.20 resistance, though its trajectory may remain more modest than AXS’s roughly 200% rally. If interest in GameFi remains robust, some see potential for even higher levels, possibly approaching $1. CryptoQuant data show SAND’s exchange reserves have reached a one-year high, with about 1 billion SAND held on exchanges, representing more than one-third of the total supply. Rising exchange reserves imply greater selling pressure and could cap the upside if fresh funds fail to materialize.
Swissblock’s Altcoin Vector notes the revival of metaverse and gaming themes, though the rebound is viewed as more speculative than durable growth. Altcoin Vector’s quadrant shows most small-cap tokens in accumulation, while metaverse assets such as AXS and SAND have moved into scalp territory.
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