Sandbox (SAND) rallies after Coinbase said it intends to list it
Sandbox (SAND), the native token of The Sandbox Metaverse, rallied by over 13% yesterday after Coinbase, the largest crypto exchange in the United States, announced in a tweet that it is intending to list SAND on its platform.
Assets added to the roadmap today: The Sandbox (SAND)
— Coinbase Assets (@CoinbaseAssets) May 20, 2022
Following the announcement, SAND has become one of the top gainers among the gaming tokens with its trading volume jumping by a whopping 224.90% to stand at over $1.2 billion.
At the time of writing, SAND had slightly pulled back to trade at $1.29 after hitting a daily high of $1.38 following the announcement by Coinbase.
SAND featured on Coinbase roadmap
Coinbase had earlier on said that it will add 6 SPL tokens on the Solana network and around 45 different ERC-20 tokens on the Ethereum network.
Gaming tokens have been greatly affected by the crypto market bloodbath, with the SandBox token dropping by 54% in the past month, however, its latest surge seems to be recovering the loss.
For the token to be energy efficient, greener, and cheaper, the ecosystem will be shifting over Polygon Matic, OxPolygon.
Enhancing Sandbox Web 3 development and Metaverse growth
Sandbox also announced that it has gotten a full-stack development technology from Cualit, an Uruguayan company with gaming experience. The firm will help them to bolster their blockchain innovations, and Web 3 developments together with other development capabilities
🇺🇾 Welcome to The Sandbox Uruguay! 🇺🇾
We are proud to announce the acquisition of Uruguayan company @Cualit, a full-stack development technology firm experienced in gaming, to boost our #Web3 and blockchain innovation and development capabilities.https://t.co/f9xNSRQLB1
— The Sandbox (@TheSandboxGame) May 19, 2022
In the meantime, gaming category coins’ cumulative Market cap also rallied by over 9% with their total valuation standing at $13.6 Billion, and the trading volume surging by 8.5% to stand at $4.9 Billion.
Big ETH whales also seem to be embracing gaming tokens at a time when the general crypto market is trading sideways. WhaleStats shows that in the last 24 hours, top gaming tokens like ApeCoin (APE), Decentraland (MANA), and Axie Infinity (AXS) joined the top 10 list of the most purchased gaming tokens.