Memecoins
The popular gaming platform contains numerous Meme coins, including Shiba Inu (SHIB) and Dogecoin (DOGE)
TL;DR
- A popular gaming platform has announced its holdings in meme coins such as SHIB, DOGE, PEPE and BONK, integrating “their unique cultures” into its ecosystem.
- The entity hinted that similar news could follow in the future.
Turning into a meme coin HODLer
Meme coins have been the rock stars of cryptocurrencies during this bull cycle, with more individuals and entities entering their ecosystem. The latest to do so is the popular gaming platform – The Sandbox.
In a recent post by X, it revealed holds Shiba Inu (SHIB), Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), and more. “We are excited to integrate their unique cultures into our platform,” the platform said.
In addition to jumping on the meme coin bandwagon, The Sandbox has hinted at the merits of some of the tokens it has added to its portfolio. He described Shiba Inu as a “global phenomenon”, while DOGE was praised for its “strong community” and “fun origins”.
PEPE and BONK were also highlighted. The Sandbox noted that the former uses a mechanism to reduce the total supply over time, labeling it “a deflationary meme coin.” For its part, BONK has been portrayed as “the most popular dog-themed cryptocurrency on Solana.”
“We are excited to integrate these meme coins into The Sandbox and look forward to the utility they will provide to our users and the broader meme coin community. Stay tuned for more soon,” the gaming platform concluded.
SAND is still waiting for a bull run
Speaking of The Sandbox, it is worth mentioning its native token – SAND – which has seen better days. It is currently trading at around $0.32 (according to data from CoinGecko) – a 30% drop on a two-week scale and a staggering 95% drop from the all-time high of around $7.50 recorded in November 2021.
SAND is among the very few cryptocurrencies that have not seen substantial gains over the past year, a period that has seen Bitcoin (BTC) rise to new peak above $73,500 and Binance Coin (BNB) touch nearly $720.
By comparison, other gaming coins, including Immutable (IMX), Axie Infinity (AXS), and Ronin (RON), are well in the green on an annual scale.
On the other hand, some on-chain metrics signal that SAND may head north in the near term. Its relative strength index (RSI) has recently dropped below 20, currently standing to 32. The technical analysis tool identifies oversold or overbought conditions in the market and ranges from 0 to 100. A ratio above 70 shows that a price correction may be imminent, while its low points indicate a possible buying opportunity .