There’s only one hot search today: SAND
But the reason it’s rising has nothing to do with the Metaverse
On Oct 2 in the afternoon, Korea’s three major exchanges—Up, Humb, and Coin1—lifted the six-week trading warning, and deposits and withdrawals resumed
Previously, on Aug 22, the SAND cross-chain bridge had an incident: on Base and BSC, a batch of unbacked tokens was minted. The three exchanges immediately put up trading warning notices
Once the warning was removed, Korea’s liquidity gate opened
The price jumped from around 0.044 straight to 0.084; in 24 hours it rose 50% to 80%, with trading volume of roughly $900 million
But the market cap is only 230 million
—
I looked at the structure: this isn’t spot being repriced
Contract trading volume is far higher than spot; open interest has surged significantly, and a round of liquidations has cleared out the shorts
The breakout from 0.065 to 0.068 is sitting on positions that have been capped for months—but the main fuel was leverage squeeze, not because someone is suddenly re-backing their view of Sandbox’s business
One more thing
The cross-chain bridge issue hasn’t gone away just because the warning was lifted. The abnormal minting alerts on Base and BSC are still there
It’s the release of liquidity and a short squeeze driving the move—not fundamentals. Don’t mix them up.
$SAND
But the reason it’s rising has nothing to do with the Metaverse
On Oct 2 in the afternoon, Korea’s three major exchanges—Up, Humb, and Coin1—lifted the six-week trading warning, and deposits and withdrawals resumed
Previously, on Aug 22, the SAND cross-chain bridge had an incident: on Base and BSC, a batch of unbacked tokens was minted. The three exchanges immediately put up trading warning notices
Once the warning was removed, Korea’s liquidity gate opened
The price jumped from around 0.044 straight to 0.084; in 24 hours it rose 50% to 80%, with trading volume of roughly $900 million
But the market cap is only 230 million
—
I looked at the structure: this isn’t spot being repriced
Contract trading volume is far higher than spot; open interest has surged significantly, and a round of liquidations has cleared out the shorts
The breakout from 0.065 to 0.068 is sitting on positions that have been capped for months—but the main fuel was leverage squeeze, not because someone is suddenly re-backing their view of Sandbox’s business
One more thing
The cross-chain bridge issue hasn’t gone away just because the warning was lifted. The abnormal minting alerts on Base and BSC are still there
It’s the release of liquidity and a short squeeze driving the move—not fundamentals. Don’t mix them up.
$SAND