Memecoins
The Sandbox Buys PEPE, SHIB, and BONK Memecoins to Support “Their Specific Communities”
Metaverse-focused platform The Sandbox has purchased six “major memecoins” in an effort to provide utility to its users and the larger memecoin collective.
The sandboxan open-world online multiplayer game, announced the purchase of six memecoinincluding PEPE and DOGE, in a bid to demonstrate its commitment to “staying abreast of industry trends”.
In a medium announcement on June 18, The Sandbox says it has acquired PEPPER, SHIB, MEMES, DEGEN, DOGEAND BONK to support “their specific communities” and provide utility “to both our users and the broader memecoin collective.”
“We believe the culture of creativity is a cornerstone of the open metaverse, and we take the time to engage and help grow the Web3 ecosystem for the benefit of those who are part of it.”
The sandbox
The decision to purchase memecoins reflects their growing prominence, The Sandbox says, adding that memecoins have gained “significant visibility in recent years” and attributing their success “largely to the endorsements of high-profile individuals.”
While the amount of the deal was not disclosed, The Sandbox says it plans to use the purchased memecoins for its new ventures, although no timeline was given. Crypto.news has reached out to The Sandbox for comments and we will update the article if we hear back.
The purchase comes just weeks after The Sandbox secured $20 million from Kingsway Capital and Animoca Brands, boosting its valuation to $1 billion. Like crypto.news reportedThe funding is expected to bolster The Sandbox’s efforts to enhance its creator economy, expand its decentralized metaverse mobile platform, and improve social features and avatar capabilities.