This Altcoin’s Price Skyrocketed: News from South Korea Sparked the Surge

$SAND, the native token of the metaverse project The Sandbox, was one of the biggest performing altcoins in the cryptocurrency market today. It saw a surge exceeding 61% during the day, briefly reaching $0.07. While instantaneous prices and daily change rates vary across different platforms due to data release times, the main driver of the rise was stock market decisions from South Korea.

Upbit, Bithumb, and Coinone have announced that they have lifted the transaction alert applied to $SAND. The alert was issued in August due to unusual token production on The Sandbox’s cross-chain bridge, during which time $SAND deposits and withdrawals were also restricted.

The stock markets’ conclusion that the risks associated with the project have been eliminated accelerated demand for $SAND against the South Korean won. However, the rapid rise caused technical indicators to reach the overbought zone. The daily RSI exceeding 77 and shorter timeframe RSIs exceeding 90 increases the risk of profit-taking.

*This is not investment advice.