Leading tech companies including Microsoft, Nvidia, Meta, and Sony have come together with 31 other organizations to establish a Metaverse Standards Forum. The forum aims to “focus on pragmatic, action-based projects such as implementation prototyping, hackathons, plugfests, and open-source tooling to accelerate the testing and adoption of standards, while also developing consistent terminology and deployment guidelines.”
Since this announcement, the price of The Sandbox’s SAND tokens have registered a 47% uptick. Also, Decentraland’s MANA has seen a price uptick of 23% since 21 June. Simply put, the altcoins have seen some notable growth over the last five days.
A tale of five days
Before the announcement of the formation of the Metaverse Standards Forum, SAND maintained an index price of $0.86. Following the announcement, the price rallied by over 45% to be pegged at $1.28, at the time of writing. Within the same period, the altcoin’s market capitalization grew from $1.08 billion to $1.61 billion.
Source: Santiment
Furthermore, on the back of a 76% hike in trading volume over the last 24 hours, investors were spotted taking advantage of the growing price.
Also, since the announcement on 21 June, the Relative Strength Index (RSI) and the Money Flow Index (MFI) for SAND have steadily tipped towards the overbought region. Indicating a significant bullish bias, the RSI and MFI were spotted at 58.93 and 72.73, at the time of writing.
In addition, green histograms have also been spotted on the MACD since 21 June, signifying a bull cycle’s commencement.
Source: TradingView
MANA, on the other hand, exchanged hands at $0.82 before the announcement on 21 June. The token’s price, however, grew steadily by 23% to mark a spot at $1.01 at press time.
The market capitalization also saw some growth, moving from $1.52 billion to $1.87 billion.
Source: Santiment
MANA’s RSI and MFI also took a northbound route, with both hiking up the charts.
Source: TradingView
On-Chain analysis
Interestingly, despite the growth in price over the last five days, Santiment revealed that both alts registered a steady decline in daily active addresses.
At press time, the index for the number of unique addresses involved in SAND transactions daily stood at 351. Five days ago, it had registered a high of 1,213.
Source: Santiment
Similarly, for MANA, daily active addresses on the network declined by 73% in just five days.
Source: Santiment
Additionally, both alts have declined in transaction volume since 21 June. With a figure of 21.13 million, at the time of writing, the transaction volume for SAND registered a 105% decline in five days.
Source: Santiment
The same was the case for MANA too – A 182% decline over the same period.
Source: Santiment
