Weekly altcoin digest: Elrond (EGLD), The Sandbox (SAND), Decentraland (MANA), Chiliz (CHZ) and Avalanche (AVAX)

Sun 28 Nov 2021 ▪ 14h31 ▪ 4 min read — by Rudy Bauer

Today is Sunday, 28th November, which means it’s time tto check out what has happened to altcoins over the week and summarise the results. We have to admit that tokens’ behaviour has made investors nervous, as some promising coins have a prevailing red colour in their value charts.

Elrond is this week’s new leader

Elrond (EGLD) has shown rapid growth this week. It reached $540.17 on Tuesday, but then gradually declined to about $390 by Friday. Today it is rising again and at the time of writing stands at $422.61.

However, don’t rush to transfer money to an exchange to buy EGLD. According to crypto analyst Michaël van de Poppe, until its price drops to $291 or $349.20, which is 0.005 BTC and 0.006 BTC respectively, the opportunity to buy Elrond is gone.

The Sandbox grows after announcement of partnership with Adidas

While The Sandbox (SAND) started the week at around $4, this more than doubled on Friday. There is a noticeable drop over the weekend, but the price hasn’t dipped below $5.81. At the time of writing, the price for SAND is $6.10.

The rapid growth is likely due to a new partnership revealed earlier this week when Adidas announced a partnership with Coinbase and The Sandbox.

Decentraland shows new records as well

Another altcoin that pleased investors was Decentraland (MANA). After starting the week at around $3.8, by Friday the token was up to $5.85. Over the weekend, that amount dropped and at the time of writing is around $4.53, which is also quite good.

The surge is attributed to the fact that one of the virtual land plots in the Decentraland meta-universe sold for a record $2.4 million (~£1.8 million) last week.

Despite a temporary rebound, Chiliz continues to fall

From the first days of the week, Chiliz (CHZ) owners were disappointed to see the token’s exchange rate fall. The altcoin started to rise on Thursday and Friday, but then continued to lose value. It is now hovering around $0.42, down almost 4 cents from Monday.

That may well change soon, as French football club AS Monaco has signed up to a partnership with Chiliz to launch fan tokens on Socios.com.

Avalanche falls dramatically

As recently as last week, we saw Avalanche (AVAX) conquering new peaks, but now we’re already seeing a drastic change in the situation. At the time of writing, the token is hovering around $109.71, down nearly $25 from last Sunday.

Despite the temporary decline, FTX founder and crypto-billionaire Sam Bankman-Fried believes AVAX has great potential and will prove itself.

This concludes today’s digest. We have highlighted the most interesting altcoins, as well as the events that have influenced their price rise or fall. Stay tuned for more of our news to be able to timely respond to changes in the market.

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Rudy Bauer

Photographe, Vidéaste, webdesigner et enfin rédacteur pour CoinTribune: l'image, le digital et la blockchain sont mon dada.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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