SAND price has been rising since April 17 and the bullish trend is gaining momentum every day.
At the time of writing, SAND was trading at $2.94; up 11.18% in the last 24 hours. It has hit a daily high of $2.99 and a daily low of $2.61.
Currently, its trading volume is $522.46 million which is much higher than the one it had on April 17 trading volume of $225.07 million.
In this article, we will focus on the factors causing the price of SAND to rally.
Why is SAND price rising?
Before we go into the details of the current price rally, let’s first lay a state what is The Sandbox and what is SAND.
The Sandbox is a blockchain-based online game owned by Amonica Brands Corporation that allows users to create, sell and buy digital assets. It was launched in 2011 and SAND is its native token.
Now onto the reasons behind the current rally.
Plan to raise $400 million
One of the main reasons that have attributed to the current price upswing is Bloomberg comment that the team behind the The Sandbox is planning to raise another $400 million; something that will see its valuation jump to $4 billion from both existing and new investors.
It is important to note that The Sandbox had a similar fundraising project in November last year 2021, where it was able to raise $93 million led by Softbank.
However, the team has not yet set the grounds on which the fundraising will be carried out since this will be influenced by the markets.
The Sandbox gameplan
This time round The Sandbox has a clear game plan for having its Metaverse platform.
Besides, The Sandbox had attracted prominent organizations like HSBC, a British banking organization, where they had partnered earlier this year after the organization was interested in buying a virtual real estate, LAND.
Rumors of The sandbox conducting an IPO
There have been rumours of The Sandbox conducting an Initial Public Offering (IPO), but The Sandbox Co-founder and chief operating officer, Sebastien Borgen disapproved the rumors.