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That's why $SAND price is up more than 10% today

 


SAND price has been rising since April 17 and the uptrend keeps gaining momentum every day.


At the time of writing, SAND was trading at $2.94; in the last 24 hours it is up 11.18%. It has reached a daily high of $2.99 ​​and a daily low of $2.61.


Currently, the trading volume is USD 522.46 million, which is much higher than the April 17 trading volume of USD 225.07 million.


In this article, we will focus on the factors driving up the price of SAND.


Why is the SAND price rising?

Before we get into the details of the current price rally, let's first explain what exactly The Sandbox is and what SAND is.


The Sandbox is a blockchain-based online game 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 for the reasons for the current rally.


Planned to raise USD 400 million

One of the main reasons behind the current price rally is Bloomberg's comment that the team behind The Sandbox is planning to raise another $400 million, which will take the company's valuation to $4 billion from both existing and new investors.


It is important to note that The Sandbox had a similar fundraising project last November 2021, raising $93 million led by Softbank.


However, the team has not yet determined on what basis the fundraising will be conducted as this will be influenced by the markets.


The sandbox game board

This time, The Sandbox has a clear game plan for its Metaverse platform.


Additionally, The Sandbox had attracted prominent organizations such as HSBC, a UK banking organization, with which it partnered earlier this year after the organization was interested in buying a virtual property, LAND.


Rumors about an IPO of The Sandbox

There have been rumors of The Sandbox's Initial Public Offering (IPO), but The Sandbox's co-founder and Chief Operating Officer, Sebastien Borgen, dismissed those rumours.

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