A well-known gaming platform, The Sandbox has joined the trend of investing in memecoins, citing the popularity and cultural impact of these cryptocurrencies.
Memecoins everywhere
The Sandbox announced that it holds several memecoins, including Shiba Inu (SHIB), Dogecoin (DOGE), Pepe (PEPE), and Bonk Inu (BONK), and they shared their excitement about incorporating the unique cultures of these coins into their platform.
Pretty bold move, not gonna lie! Speaking about the motivation, the platform praised Shiba Inu as a global phenomenon, noted Dogecoin’s strong community and humorous origins, and mentioned the deflationary nature of PEPE.
BONK came as the most popular dog-themed cryptocurrency on Solana. The Sandbox looks forward to the utility these memecoins will bring to their users and maybe the whole community.
The hype is real
The Sandbox’s investment in memecoins is considered as something big deal, because it shows the growing acceptance and arriving of these cryptocurrencies into the mainstream. Wether it’s a good or bad news.
This move could enhance the platform’s engagement by attracting memecoin fans, who are among the most active demographics in the crypto communities.
The inclusion of these coins might lead to new features and collaborations within The Sandbox, benefiting both the gaming and crypto communities, but this is only a speculation now.
No land for SAND
While The Sandbox is confident about memecoins, its native token, SAND, has faced challenges, if cutting the price by third is called a challenge.
Currently trading at around $0.32, SAND has seen a 30% decline over two weeks and a dramatic drop from its all-time high of $7.50 in November 2021.
Unlike Bitcoin, or Binance Coin for example, which have seen substantial gains, SAND has struggled to achieve similar growth, but as analysts cautions, some on-chain metrics suggest a potential positive shift for SAND.
Its Relative Strength Index recently dipped below 20, signaling it might be oversold, and this could present a good buying opportunity.
The RSI, a tool used to identify market conditions, suggests that SAND might experience an upward trend soon, but another experts can also suggest this may be nothing but hopium.
With the current RSI at 32, it shows a possible turnaround for the token.
If this happens, and this is a big if, The Sandbox could see renewed interest and investments in SAND, resulting in price rises.
