To provide users and a wider memecoin community with value, metaverse-centric platform The Sandbox acquired six “major memecoins.”
In a Medium announcement on Jun. 18, The Sandbox says it has acquired PEPE, SHIB, MEME, DEGEN, DOGE, and BONK to support “their specific communities” and provide utility to “both our users and the wider memecoin collective.”
“We believe that the culture of creativity is a cornerstone of the open metaverse and take time to engage in and help grow the Web3 ecosystem to benefit those who are a part of it.”
According to The Sandbox, memecoins have gained “significant visibility in recent years,” and their success has been attributed to endorsements from high-profile figures.
Although The Sandbox didn’t disclose the amount of the deal, it said it plans to use the memecoins for new initiatives, though no timeframe was given.
A few weeks ago, The Sandbox secured $20 million from Kingsway Capital and Animoca Brands, boosting its valuation to $1 billion. This funding will support The Sandbox’s initiatives aimed at boosting its creator economy, developing its decentralized mobile metaverse platform, and enhancing social features and avatar capabilities.
The Sandbox plans to continue to invest in research and development, as well as partnerships with brands and game studios. The company is also looking to expand its user base, allowing more people to access its platform and participate in the metaverse.
The Sandbox Memecoin Holdings Expansion and Their Significance
In many cases, memecoins are inspired by viral memes or trends, and represent a playful intersection of cryptocurrency and internet culture. Each coin embodies a unique community spirit and narrative, contributing to the diverse landscape of digital assets in the crypto space. Recently, The Sandbox disclosed their portfolio, containing notable memecoins.
Among the memecoins held is PEPE, which pays homage to the iconic “Pepe the Frog” meme, while DOGE originated from the lighthearted “Doge” Shiba Inu meme. As well as SHIB, BONK, MEME, and DEGEN, these coins all share a common goal of fostering engagement and creativity within decentralized networks.
PEPE, currently trading at $0.00001149, displays a deflationary model that appeals to investors with its supply dynamics. In the meantime, DOGE, valued at $0.1245 and with a $959.1 million trading volume, remains a widely recognized and used cryptocurrency.
In the same vein as other meme coins, MEME is also a meme coin that powers the Meme.com platform, creating, trading, and exchanging unique “Memetic Asset mTokens” representing different memes. With a 24-hour trading volume of $43.5 Million, Memecoin (MEME) is currently priced at $0.01797. The last 24 hours have seen a price increase of 0.30%.
Another meme coin that stands out is DEGEN, which started off as a reward token in a popular Farcaster channel, but has gained a following among developers, creators, and enthusiasts. The total supply is being airdropped gradually to active community members. Through companion tokens like LEASH and BONE, SHIB has grown into a global phenomenon priced at $0.00001847 with a $422.9 million trading volume.
The Sandbox and Memecoins: What’s next
Market capitalization for meme coins combined is $57.89 billion, which continues to attract investors because of its potential returns. A number of meme-inspired digital assets have experienced significant price rallies, including DOGE, SHIB, and PEPE.
Ethereum co-founder Vitalik Buterin, however, has cautioned against the speculative nature of celebrity-backed meme coins, emphasizing the importance of sustainable financialization and lasting value creation.
By using meme coins, The Sandbox aims to engage and innovate the community in a long-term manner. Through its diverse meme coin portfolio, The Sandbox intends to launch initiatives that enhance user experience and create additional utility for its platform and its broader Web3 community.
As a result of this commitment, The Sandbox has grown and gained traction in the rapidly evolving landscape of digital assets through its commitment to inclusivity and creativity.
Disclaimer: Do not take the content on this site as investment advice, NFA.
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Image Credits: Shutterstock, Pix, Finbold
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