According to the platform, SHIB has become a “global occurrence.”
Key Points:
- A prominent gaming platform has announced the acquisition of meme coins like SHIB, DOGE, PEPE, and BONK, incorporating “their unique cultures” into its ecosystem.
- The institution hinted that similar news could come in the future.
Turning Into a Meme Coin Holder
During this bull market, meme coins have been the biggest stars in the cryptocurrency space, attracting a huge number of users and businesses. Popular gaming platform The Sandbox is the most recent platform to achieve this feat.
Holding Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Shiba Inu (SHIB), and more was disclosed in a recent X post. “We’re excited to incorporate their distinct cultures into our platform,” the website said.
Aside from jumping on the meme coin bandwagon, The Sandbox discussed the benefits of some of the tokens it added to its portfolio. It referred to Shiba Inu as a “global phenomenon,” whereas DOGE was hailed for its “strong community” and “humorous origins.”
EPE and BONK were also discussed. According to The Sandbox, the former has a way of reducing the total supply over time, making it “a deflationary meme coin.” BONK was described as “the most widely held dog-themed cryptocurrency on Solana.”
Sand awaits a rally
It is important to discuss The Sandbox and its native token, SAND, which has seen better days. According to data from CoinGecko, it is currently trading at around $0.32, which is a 30% drop in the last two weeks and a staggering 95% drop from the all-time high of around $7.50 recorded in November 2021.
SAND is one of the very few cryptocurrencies that has not seen a significant increase in value over the past 12 months, a period during which Binance Coin (BNB) has reached close to $720 and Bitcoin (BTC) has reached new highs of around $73,500.
Other gaming coins, such as Immutable (IMX), Axie Infinity (AXS), and Ronin (RON), are far more profitable on an annual basis.
On the other hand, some on-chain measures indicate that SAND could head higher in the immediate term. Its Relative Strength Index (RSI) recently dropped below 20 and is now at 32. The specialized investigation apparatus ranges from 0 to 100 and demonstrates overbought or oversold showcase conditions. A ratio above 70 signals that a market correction is imminent, but lower points indicate a potential buying opportunity.
