The native token of a popular win-to-play metaverse project, after Coinbase announced plans to list the cryptocurrency. Sandbox experienced an increase of over 16 percent.
Given that Coinbase is the largest crypto exchange in the United States, the move SAND priceexpected to benefit. Explaining that they have not yet had the opportunity to add the metaverse coin to the list of assets that are planned to be listed, the stock market made the announcement on Twitter.
Assets added to the roadmap today: The Sandbox (SAND)
— Coinbase Assets (@CoinbaseAssets) May 20, 2022
News of Coinbase support moves SAND’s price
The SAND token has seen an increase of over 16% since the news broke. This has helped the Sandbox token become the top-earning token among the top gaming cryptocurrencies during the day.
SAND, which increased by 16 percent during the day to $ 0.39, followed the negative trend in the market and experienced a serious correction and at the time of writing. 1.24 down to $. The 24-hour trading volume of Metaverse coin increased by 155 percent to reach 1 billion dollars.
Coinbase, one of the largest cryptocurrency exchanges in the world, said in a Twitter post in mid-April that 50 digital assets (45 different ERC-20 tokens based on the Ethereum network and 6 SPL tokens built on the Solana network) they plan to list in the second quarter of 2022. He shared a post with his list.
In its blog post, the exchange said they did this to increase transparency in their listings by “providing as much information symmetry as possible.”
Gaming category tokens suffered a lot during the massive market crash last week. SandBox Token has dropped nearly 60 percent over the past 30 days. Sand’s recent price hike also helped the token recoup some of its losses.
Sandbox is a hugely popular cryptocurrency even though it hasn’t been listed by Coinbase yet, and is the 3rd largest metaverse cryptocurrency with a market cap of over $1.5 billion, according to CoinMarketCap rankings. The project team will migrate the ecosystem onto Polygon Matic (OxPolygon) to make Sandbox cheaper, greener and energy efficient.
What is The Sandbox?
A popular metaverse cryptocurrency The Sandbox (SAND)is an altcoin that was first released as a mobile game in 2012 and was acquired by Hong Kong-based gaming giant Animoca Brands in 2018. After this acquisition, the platform has turned into a multi-billion dollar project that is now deeply rooted in the metaverse and NFT fields.
Sandbox is a platform built on the Ethereum blockchain that allows users to buy, sell, trade and own assets in a virtual world. assets, non-fungible tokens (NFTs) and can represent land, cars, works of art, and other property.
Sandbox development does not stop
Besides the Coinbase listing, sandbox, recently announced that it has acquired a technology firm Cualit. The company team reported that they took this step to accelerate Web3 development and metaverse growth.
Gaming category cryptocurrencies gained more than 9 percent in overall market capitalization today, but lost those gains, again losing to the trend. Total valuation currently stands at $7.4 billion, while 24-hour trading volume increased by more than 15 percent to $2.9 billion.
Aside from these, the biggest Ethereum (ETH) whales seem to be turning specifically towards win-to-play cryptocurrencies amid the decline.
According to Whale Statistics, giant crypto wallets have been in the last 24 hours. Decentraland (MANA), ApeCoin (APE) and Axie Infinity (AXS) Bought the most popular cryptocurrencies such as Popular metaverse coins made it to the top 10 most bought altcoins list.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.