$SAND Funding rate plunged to -0.677%/8h, or -741% annualized. Price is still rising, while shorts are getting squeezed and paying funding
· Open interest is up 43.4% in 24h, reaching $19.11 million
· Perpetual futures volume is 12.1x spot volume—the futures market is setting the price
· Long/short account ratio is 1.35: more accounts are long, but shorts hold larger positions
SAND is the token for The Sandbox, a voxel-style metaverse gaming platform. Put simply, it’s virtual land plus user-made mini-games, with SAND used for transactions.
Looking at the market, funding rates have slid steadily from near zero over the past few intervals. That suggests shorts only piled in recently. I think some are betting that the rally will reverse, while others are waiting for a short squeeze. If the price sweeps higher again, short liquidations could push it up further. If it stalls, shorts can collect funding and wait while longs bleed.
I couldn’t find any news catalysts, so this looks more like a tug-of-war between traders. Circulating supply is already at 97.9%, and FDV is almost the same as market cap, so there isn’t a major unlock overhang. But the rally can only be supported by flows. My take is that this is a short-term leveraged trade. Another possibility is that buying pressure hasn’t been fully absorbed yet—in that case, shorts will have an even rougher time than I expect.
#SAND #资金费率 #WildCoin
· Open interest is up 43.4% in 24h, reaching $19.11 million
· Perpetual futures volume is 12.1x spot volume—the futures market is setting the price
· Long/short account ratio is 1.35: more accounts are long, but shorts hold larger positions
SAND is the token for The Sandbox, a voxel-style metaverse gaming platform. Put simply, it’s virtual land plus user-made mini-games, with SAND used for transactions.
Looking at the market, funding rates have slid steadily from near zero over the past few intervals. That suggests shorts only piled in recently. I think some are betting that the rally will reverse, while others are waiting for a short squeeze. If the price sweeps higher again, short liquidations could push it up further. If it stalls, shorts can collect funding and wait while longs bleed.
I couldn’t find any news catalysts, so this looks more like a tug-of-war between traders. Circulating supply is already at 97.9%, and FDV is almost the same as market cap, so there isn’t a major unlock overhang. But the rally can only be supported by flows. My take is that this is a short-term leveraged trade. Another possibility is that buying pressure hasn’t been fully absorbed yet—in that case, shorts will have an even rougher time than I expect.
#SAND #资金费率 #WildCoin