November 30, 2023

Tech giants including Sony, Meta, Nvidia, and Microsoft have joined 31 different organizations to form a Metaverse Standards Forum. The forum plans to concentrate on programmatic and action-based projects like implementing open-source tooling, plugfests, hackathons, and prototyping to boost standards’ testing & adoption.

It will also deploy guidelines and develop consistent terminology. SAND’s price has gained 47% since the announcement. Also, Decentraland (MANA) surged around 23% since June 21. The alternative tokens recorded impressive upticks within the past five days.

The Five-Day Timeframe

Sandbox price hovered around $0.86 before the Metaverse Standards Forum formation news. However, the alt responded to the updates with a more than 45% upswing to $1.28 at this publication. The upward period saw the asset’s market cap climbing to $1.61 billion from $1.08 billion.

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However, investors seemed to capitalize on the surging price, with the 24hr trading volume gaining 76%. Also, SAND’s Money Flow Index and Relative Strength Index have steadily headed to the overbought territory since the June 21 announcement.

Confirming bullish trends, the MFI and RSI stood at 71.73 and 58.93 at this publication. Furthermore, the Moving Average Convergence Divergence displayed green histograms since June 21, indicating a bullish cycle’s initiation.

Meanwhile, MANA traded near the $0.82 mark before the June 21 announcement. The alternative token saw a steady 23% surge to $1.01 at this publication. Also, its market cap noted some growth, climbing to $1.87 billion from $1.52B. MANA’s Money Flow Index and Relative Strength also maintained northbound moves, both surging on their respective charts.

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On-Chain Analysis

Surprisingly, Santiment reported that the alts recorded steady declines in daily addresses despite price upswings within the past five days. Unique wallets transacting Sandbox stood near 351 at this publication. It hit the 1,213 high five days ago. Also, MANA’s active addresses dropped by 73% within five days.

Furthermore, MANA and SAND saw plummeting transaction volumes since June 21. Sandbox’s transaction volume recorded a 105% slump in five days, hovering near 21.13 million at this publication. Also, MANA saw a 182% drop within that timeframe.

Stay tuned for upcoming developments.

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