By
Steve Muchoki
June 25th, 2024
The Sandbox, one of the most popular metaverse platforms based on the Ethereum ecosystem, has joined the meme coin frenzy with the purchase of six different tokens including DOGE and SHIB.
In a blog post dated June 18, The Sandbox, originally a world-building mobile video game developer before transitioning into a metaverse platform, announced its acquisition of Dogecoin (DOGE price data), Shiba Inu (SHIB price data), Pepe Coin (PEPE price data), Bonk (BONK price data), Memecoin (MEME price data), and Degen Base (DEGEN price data).
Supporting Community and Growth
The Sandbox stated that it purchased these six meme coins due to their attractiveness and the potential to support their respective communities. While the company did not disclose the exact amount of tokens it acquired, it said that the move is part of its broader strategy to expand its presence in the crypto economy and strengthen its foothold in the industry.
The Sandbox views the purchase of DOGE, SHIB, PEPE, and others as part of its commitment to fostering creativity and growing the Web3 ecosystem for the benefit of all participants. The company aims to support the vibrant and engaged communities that have formed around each of these projects, regardless of their differences.
Meme coins such as DOGE and SHIB have some of the strongest communities with dedicated users who actively participate in their respective ecosystems. *You can check the latest guides on DOGE and SHIB to learn more.
The Sandbox’s investment is expected to foster stronger ties with these communities, encouraging collaboration and innovation. Additionally, the investment will bring more utilities to holders of the meme coins.
“The purchase of these coins will help support their specific communities, increase our presence in Web3 culture, and provide utility to both our users and the wider memecoin collective,” the Sandbox stated.
Future Initiatives and Impact
In addition to purchasing the six memes, the Sandbox plans to introduce various initiatives that will benefit both the platform and the entire meme coin community in the future:
“As we move forward, we plan to use our memecoin collection to launch engaging initiatives that create additional utility for both our users within The Sandbox and the broader memecoin community.”
The meme coin market has gained significant attention from various companies and industry executives who are showing support for this segment of the crypto space.
Last year, the Avalanche Foundation, the nonprofit organization overseeing the Avalanche blockchain, announced plans to purchase some of the top meme coins, including DOGE and SHIB in December 2023. In January this year, the organization rolled out the guidelines for the planned purchase.
Earlier this month, Galaxy Digital CEO Mike Novogratz said that meme coins are one of the most powerful narratives in the emerging economy and a cornerstone of the crypto space.
However, many industry executives including Charlie Silver, CEO of Permission.io disagreed with his perspective. In his opinion, meme coins are nothing but “silly casino chips”.