Meme tokens Dogecoin and Shiba Inu are shaking, is a new crypto leader on the loose?
Skyrocketing 75 percent the past week, metaverse-linked Sandbox crypto has soared to an all-time high of $4.64 on Friday morning--though it slowed down 0.70 percent on Friday night, settling at $4.30 in the past 24 hours, Coinmarketcap posted in its real-time tracker.
The Sandbox is an Ethereum-based blockchain project that has gained popularity over its links to the metaverse, The Motley Fool noted. Using the Sandbox platform, participants can build their own virtual worlds, interact with other users, and create such digital assets as non-fungible tokens (NFTs) or decentralized autonomous organizations (DAOs) through games or its marketplace.
Metaverse-Linked Sandbox Crypto Popular Among NFT Creators, Players
What was seen pushing Sandbox's value is the upcoming launch of its Alpha Play-to-Earn (P2E) initiative set for November 29, FX Street reported. The Sandbox platform likewise inked over 50 partnerships to build P2E games and enhance the utility of SAND tokens.
Its ecosystem is widely popular among NFT enthusiasts, players and creators who build, share and monetize games. The Sandbox's native coin, SAND, had its price soar earlier in the week.
The Sandbox unveiled its metaverse after a four-year development process. It has secured alliances with Crypto Kitties, Atari, Shaun and Sheep to develop P2E games on the Sandbox metaverse.
Players can join Sandbox's P2E games using the Alpha Pass, which is an NFT ticket that gives access to the exclusive Alpha three-week launch event, starting on November 29.
The token's supporters are seeing the influx of capital from such assets as Bitcoin to metaverse-based coins in the current rally.
Sandbox Price Prediction: Analysts See Token to Hit $5 Amid Bull Run
Analysts have likewise been bullish about SAND, predicting that the token would break $5 in the days to come.
In the face of Sandbox's bull run, popular meme tokens Dogecoin and Shiba Inu slid 3.5 percent and eight percent, respectively, on Thursday. They have, however, regained value on Friday, with Dogecoin rising 5.55 percent to $0.235176, and Shiba-Inu climbing 12.89 percent to $0.000049, according to CoinDesk real-time figures.
As such, it could be too soon to assert that a rotation is happening out of SHIB and DOGE and into other speculative meme tokens. It could also be too soon to label SAND as a meme token due to the obvious utility the platform offers.
The Sandbox's surge has happened amid growing interest in the metaverse after a series of high-profile moves of tech players towards that direction. This includes Facebook, whose corporate rebranding to Meta reflects the importance of the metaverse in the future corporate directions of the social media giant. Graphics processing unit (GPU) chipmaker Nvidia has also declared the metaverse as a key growth area, while game developer Roblox announced impressive earnings from the space.
Because of this, Sandbox seems to be a worthy crypto investment, considering all the goings-on in the metaverse realm. However, when it comes to crypto, potential investors should remember that the market is highly volatile and sharp price surge and declines can happen without notice.
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