The Sandbox, a top virtual world platform is boosting its presence in Web3 by investing in the top memecoins in the crypto market. The prominent gaming platform made this move to also support the memecoin communities.
Sandbox Delves into the Crypto World
The Sandbox made this announcement on X, sparking bullish reactions in the memecoin ecosystem. The memecoins acquired include the dog-themed meme Shiba Inu (SHIB), the iconic Pepe the frog meme PEPE, DOGE, from the cheerful “Doge” meme, BONK, DEGEN, and many more.
We’re excited to announce that The Sandbox now holds @pepecoins, @Shibtoken, @bonk_inu, @Memeland, @degentokenbase, and @dogecoin! 🌐 We’re thrilled to integrate their unique cultures into our platform. #memecoins pic.twitter.com/uWAd1QGEbE
— The Sandbox (@TheSandboxGame) June 18, 2024
Despite each memecoin having diverse origins, they all share the goal of boosting engagement and creativity in decentralized networks.
The protocol began as a mobile game in 2012 where users could create their own virtual worlds. In 2020, it raised $2 million to build an Ethereum-powered gaming world allowing users to monetize experiences with Non-Fungible Tokens (NFT).
Earlier this year, The Sandbox achieved unicorn status by obtaining $20 million in new funding. This capital enabled it to further develop its decentralized virtual world with more editing tools, social interactions, and gameplay options.
While it remains unclear how The Sandbox hopes to utilize the acquired memecoins, the gesture shows it is following the industry’s trend
Shiba Inu Leads the Memecoin Evolution
Memecoins, known for their unique and often humorous origins, are gaining momentum in the cryptocurrency space as they drive community engagement and creativity.
SHIB has gained momentum compared to its peers due to its community-driven ecosystem. It has seen significant adoption from prominent crypto exchanges and politicians lately.
The famous dog-themed memecoin has experienced both bullish and bearish trends in the past. During bullish periods, the price rises as demand increases, influenced by market sentiment, or developments within the project.
For the better part of this month, SHIB has been experiencing bearish trends lately which might be following a historical pattern associated with June.
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